Welcome to Markets Desk, your midday read on what's moving markets and making news.
Crude oil is pushing sharply higher today, with July WTI up more than one percent after US-Iran nuclear talks hit another wall. With no peace deal in sight, the Strait of Hormuz remains effectively closed, tightening global supply and giving energy traders every reason to bid prices up.
Staying in commodities, coffee markets are also catching a bid, particularly robusta, which is surging more than two percent on the ICE exchange. The driver is drought conditions in Vietnam, the world's dominant robusta producer. Weather forecaster Vaisala is flagging serious crop stress, and traders are pricing in supply risk before harvest projections can be revised.
On the political front, Tulsi Gabbard is stepping down as Director of National Intelligence. A White House official confirmed she is leaving to support her husband, who is battling a rare form of bone cancer. Her departure creates an immediate vacancy at the top of the intelligence community, and markets will be watching closely for how the administration fills that seat and what it signals about continuity in national security posture.
That's the tape. Markets Desk, signing off the floor.
