Oil prices fell for a third consecutive session as market concerns over Middle East supply shifted. Saudi Arabia has paused some crude sales to Europe, though traders and analysts noted that supply buffers remain intact for now. London copper posted its 11th weekly gain in the past 12 weeks, with signs of improving demand helping offset hawkish signals from the Federal Reserve regarding possible further rate hikes. After a week of sharp volatility, gold extended its rebound on Friday, supported by lower oil prices and as traders assessed the interest-rate outlook following the Fed's first hike since 2023.

Crude: Brent Wavers Lower as Saudi Export Outlook Presents Mixed Signals

Oil declined for a third session as shifting concerns over Middle East supply weighed on prices. Saudi Arabia suspended some crude sales to Europe, but traders and analysts said supply buffers still exist for now. Global benchmark Brent crude fell 0.9% to settle near $104 per barrel, posting a slight weekly loss. Saudi Aramco is working to partially restore operations on its East-West pipeline within days and to fully restore capacity within six weeks. The kingdom is also boosting sales of crude loaded outside the Strait of Hormuz. Scott Shelton, energy specialist at TP ICAP Group, said the panic in the physical crude market appears to have passed for now, as Saudi Arabia has partially resumed flows via the Yanbu route and found additional pathways to sell more crude outside the strait. Front-month WTI futures settled near $100 per barrel. However, Saudi Aramco notified at least two European refinery clients that it would not allocate any crude to them next month, tempering some optimism. Concerns over physical supply have not subsided. With the pipeline outage disrupting the European spot market, crude differentials from the North Sea to the Mediterranean spiked to record levels. Crude markets were highly volatile this week. Prices initially jumped sharply after the drone strike on Saudi Arabia's pipeline before retreating. Brent is up roughly 70% this year amid ongoing conflicts involving the Middle East and Russia. Tightness in refined products is also stoking inflation concerns, with Goldman Sachs Group projecting further gains in gasoline prices. On the diplomatic front, a meeting with Persian Gulf countries is planned during next week's UN General Assembly in New York. President Trump separately told Axios he is nearing a "big decision" on whether to escalate strikes against Iran again. Priyanka Sachdeva, market insights director at Phillip Nova Pte Ltd in Singapore, said sentiment is far from turning bearish, with traders awaiting evidence of supply recovery. She views the recent oil price decline as a cooling of geopolitical risk premiums rather than a fundamental reversal. Data aggregated from ICE Futures Europe and the U.S. Commodity Futures Trading Commission showed that in the week through Sept. 15, money managers' combined net long positions in WTI and Brent increased by 18,254 contracts to 429,413, the highest level of bullishness since late May. WTI October futures fell 1.6% to settle at $100.30 per barrel; Brent November futures declined 0.9% to settle at $103.87 per barrel.

Copper Rises for 11th Week in 12 on Buying Signals

Copper posted its 11th weekly gain in the past 12 weeks, as signs of rebounding demand helped counter hawkish Fed signals around possible further rate increases. Benchmark copper futures on the London Metal Exchange (LME) rose 0.2% to settle at $14,521.50 per metric ton. The rally over the past 12 weeks pushed prices to record highs earlier this month. "We expect base metals to remain broadly range-bound over the coming weeks, as supply-side risks offset a fragile macroeconomic backdrop," analysts at BMI, a Fitch Solutions unit, said in a report. "The market is still waiting for a final U.S. decision on copper tariffs." LME copper gained 0.2% to $14,521.50 per ton; LME aluminum slipped 0.4% to $3,288.50 per ton; LME nickel fell 0.7% to $16,182 per ton; LME zinc added 1% to $3,920 per ton; LME tin rose 1% to $53,705 per ton; LME lead advanced 0.6% to $1,921 per ton.

Gold Edges Higher as Falling Oil Prices and Fed Rate Hike Ease Inflation Concerns

After a turbulent week, gold extended its rebound on Friday, supported by lower oil prices and as traders weighed the rate path following the Fed's first hike since 2023. Spot gold gained. With Middle East supply disruptions appearing likely to ease, falling oil prices are reducing market concerns about inflation. Earlier, surging energy costs had reinforced bets on rates staying higher for longer, weighing on non-yielding gold. Gold has now reclaimed its 100-day moving average. Even so, prices remain nearly a fifth below the record high set in January. Investors have continued to pile into gold in recent weeks, betting that the long-term factors underpinning prices will persist. Gold-backed ETFs tracked by Bloomberg recorded inflows for an eighth straight day, the longest streak since October 2025. Analysts at Goldman Sachs Group, including Lina Thomas, wrote in a note that a Fed rate hike would likely slow, not derail, gold's rally, trimming their year-end price target to $4,650 per ounce from $4,900. In New York at 4:59 p.m., spot gold was up 0.9% at $4,378.63 per ounce; spot silver rose 1.6% to $66.2593 per ounce.