Singapore Exchange plans to launch an over-the-counter clearing system for Loco Singapore gold by the end of 2026, with DBS, Deutsche Bank, ICBC Standard Bank, JPMorgan, OCBC and UOB as clearing members. MAS said it will start central bank gold-vaulting services by October and remove a 5% cap on physical precious metals under eligible tax-incentive schemes.
Fuel stations in Crimea ran out of petrol on Thursday, according to Reuters witnesses, after new Ukrainian drone strikes on supply routes. The developments came as Russian authorities said domestic gasoline supplies remained sufficient, highlighting disruption in the peninsula linked to the latest attacks.
Oil prices rose by more than $1 after Iran said the Strait of Hormuz was closed following additional U.S. strikes on Iranian cities. The move raised concerns over Middle East supply flows, while the U.S. Energy Information Administration said lower 2026 demand could limit the impact of disruption on prices.
U.S. average retail prices for 100% ground beef reached $6.899 per pound in May, according to BLS data. USDA said a new New World screwworm case was confirmed in a calf in La Salle County, Texas, bringing the reported total in the state to six, while cattle futures ended lower Monday.
At least 14 million barrels of United Arab Emirates crude grades, including Upper Zakum, Umm Lulu and Das, were sold via a tender for loading over the coming months. Separately, seven participating countries agreed to a production adjustment of 188,000 barrels per day, according to an OPEC statement.
Crude prices climbed more than 4% on June 8 as conflict escalated between Israel and Iran and Israel carried out strikes in Lebanon. Brent rose about $4 to around $97 a barrel and WTI gained about $4 to about $94. Reports cited concerns linked to disruptions around the Strait of Hormuz.
Seven OPEC+ countries agreed on June 7 to raise July production quotas by 188,000 bpd, taking the group’s July quota to 35.83 million bpd, excluding compensation for prior overproduction. The increase applies to Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, with Iraq’s quota up 26,000 bpd, amid disruptions to flows through the Strait of Hormuz.