Oil leads as Hormuz risk returns: weekly commodity settlements, Aug. 28–Sep. 3 (2026)

For the week through Thursday, September 3, 2026, oil led the complex higher as renewed U.S.-Iran fighting kept a Strait of Hormuz risk premium in prices. Soybeans followed on another China sale, while corn gained modestly on firm ethanol use. Gold and copper finished almost unchanged after larger intraday moves.

Data cutoff: 5:00 p.m. ET on September 3, 2026. Percentages compare the same fixed contract from the Aug. 28 close proxy to the Sep. 3 settlement. MarketWatch historical Close values are close proxies rather than official exchange settlements. Covered-week ranges are derived from the displayed daily highs and lows. The Sep. 3 volume column is the displayed current volume; the 65-day average is shown where the quote page provided it. Weekly volume and open-interest changes remain Data temporarily unavailable because no consistent comparable series was available across the six contracts.

Settlement snapshot

Market	Fixed contract	Aug. 28 reference	Sep. 3 settlement	Week-over-week move	Aug. 28–Sep. 3 derived range	Sep. 3 session range	Sep. 3 volume / 65-day average	Open interest	Week-over-week volume / open-interest change
Gold	COMEX Dec. 2026 (`GCZ26`) 1	$4,529.90 close proxy 1	$4,539.90 1	+0.22% ($4,539.90 ÷ $4,529.90 − 1) 1	Data temporarily unavailable	Data temporarily unavailable	Data temporarily unavailable	314,259 1	Data temporarily unavailable
WTI	NYMEX Nov. 2026 (`CLX26`) 2	$81.83 close proxy 2	$88.03 2	+7.58% ($88.03 ÷ $81.83 − 1) 2	$80.80–$89.51, derived 2	$86.80–$89.46 2	178.97K / 76.08K 2	Data temporarily unavailable	Data temporarily unavailable
Brent	ICE Dec. 2026 (`BRNZ26`) 3	$86.12 close proxy 3	$91.63 3	+6.40% ($91.63 ÷ $86.12 − 1) 3	$85.10–$93.35, derived 3	$90.51–$92.89 3	368.11K / 166.07K 3	Data temporarily unavailable	Data temporarily unavailable
Corn	CBOT Dec. 2026 (`CZ26`) 4	536.50¢/bu close proxy 4	540.75¢/bu 4	+0.79% (540.75 ÷ 536.50 − 1) 4	526.50–549.75¢/bu, derived 4	526.50–542.75¢/bu 4	361.42K / 217.03K 4	Data temporarily unavailable	Data temporarily unavailable
Soybeans	CBOT Nov. 2026 (`SX26`) 5	1,288.00¢/bu close proxy 5	1,316.25¢/bu 5	+2.19% (1,316.25 ÷ 1,288.00 − 1) 5	1,269.25–1,324.00¢/bu, derived 5	1,290.25–1,319.00¢/bu 5	158.29K / 128.07K 5	Data temporarily unavailable	Data temporarily unavailable
Copper	COMEX Dec. 2026 (`HGZ26`) 6	$6.6590/lb close proxy 6	$6.6645/lb 6	+0.08% ($6.6645 ÷ $6.6590 − 1) 6	$6.5070–$6.7460/lb, derived 6	$6.5725–$6.6805/lb 6	31.33K / 13.9K 6	Data temporarily unavailable	Data temporarily unavailable

The table ranks the fixed-contract moves: WTI, Brent, soybeans, corn, gold, then copper. Gold's delayed quote fields conflicted with its displayed settlement, so the gold range and Sep. 3 session range are withheld rather than inferred.

Oil: the risk premium returned

November WTI gained 7.58%, from an Aug. 28 close proxy of $81.83 to a Sep. 3 settlement of $88.03. December Brent gained 6.40%, from $86.12 to $91.63. WTI traded across $80.80–$89.51 during the week, while Brent traded across $85.10–$93.35. 2 3

The geopolitical catalyst was renewed U.S.-Iran fighting and the resulting concern around ships using the Strait of Hormuz. CNBC reported that Kuwait intercepted missiles and drones during the Sep. 3 session. Energy Secretary Chris Wright said more than 17 million barrels transited Hormuz on Monday under U.S. military protection. 7

The transit figure matters because the market was pricing disruption risk alongside continuing flows. The same CNBC report said about 20 million barrels per day of crude and products passed through the strait before the war began on Feb. 28. The evidence supports a higher insurance and routing premium; it does not establish a complete physical shutdown. 7

U.S. inventories added a second support. For the week ended Aug. 28, the Energy Information Administration reported a 4.5 million-barrel draw in commercial crude stocks, leaving 424.5 million barrels. Total commercial petroleum inventories fell 3.0 million barrels. Refineries processed 17.5 million barrels per day at 98% capacity utilization. 8

Demand data tempered the inventory signal. EIA's four-week average for total product supplied was 20.4 million barrels per day, down 4% from a year earlier. Gasoline supplied averaged 8.9 million barrels per day, down 2%, and distillate supplied averaged 3.7 million barrels per day, down 6%. 8

The weekly oil move therefore combines a geopolitical premium with a domestic crude draw, while product demand remains softer year over year. The next confirmation is whether Hormuz flows stay protected and regular while another inventory report shows draws beyond crude alone.

Gold: a small gain after the Jackson Hole shock

December COMEX gold rose 0.22%, from $4,529.90 to $4,539.90. Reuters reported that the contract settled at $4,529.90 on Aug. 28 after falling 2.9% as traders increased rate-hike expectations following Federal Reserve Chairman Kevin Warsh's remarks. 9

Warsh said the Fed's 2% PCE inflation target remained firm and that inflation was still too high. He also argued that policy should use current, relevant data and retain room to respond as supply chains, geopolitics, the dollar, and commodity prices change. 10

The price path shows two forces at once. The opening rate shock pushed gold lower, while the contract recovered enough to finish the fixed week slightly higher. Gold therefore lagged oil and grains without extending the Aug. 28 selloff. The next confirmation is a fresh repricing of September rate expectations through the dollar and Treasury yields.

Corn: ethanol use supplied a floor

December corn rose 0.79%, from 536.50¢ to 540.75¢ per bushel, with a derived weekly range of 526.50–549.75¢. Sep. 3 volume was 361.42K contracts against a 217.03K 65-day average. 4

The USDA National Agricultural Statistics Service reported that July corn consumed for fuel alcohol totaled 474.741 million bushels, up 2% from June and 4% from July 2025. Total corn consumed for alcohol and other uses reached 528 million bushels, with 92.3% used for alcohol. 11

Weather added a near-term variable. Farm Futures reported that Wisconsin and Michigan could receive 1–1.5 inches of rain over the next three days, with rain also expected in Nebraska, lower Minnesota, and upper Iowa. The same report cited above-normal precipitation odds across most of the country for Sep. 10–15, excluding the West Coast. 12

The weather forecast can affect harvest conditions and late-season crop expectations, while the NASS usage data gives corn a concrete demand reference. The USDA calendar placed the next Crop Progress report on Sep. 8, so the covered week supplied no new Crop Progress or WASDE release. 13

Soybeans: China buying kept demand visible

November soybeans gained 2.19%, from 1,288.00¢ to 1,316.25¢ per bushel, across a derived weekly range of 1,269.25–1,324.00¢. Sep. 3 volume was 158.29K contracts against a 128.07K 65-day average. 5

The USDA Foreign Agricultural Service reported a private sale of 192,000 metric tons of soybeans to China for delivery during the 2026/27 marketing year on Sep. 3. The sale kept export demand visible as the new-crop contract moved higher. 14

The same weather pattern that matters for corn also matters for soybeans: rain in parts of the Upper Midwest can change harvest timing and field conditions, while the Sep. 10–15 precipitation outlook raises a second weather checkpoint. 12 The next confirmation is whether additional China sales arrive after this week's 192,000-metric-ton announcement and whether weather changes the pace of harvest progress.

Copper: wide range, flat finish

December COMEX copper rose 0.08%, from $6.6590 to $6.6645 per pound. The contract covered $6.5070–$6.7460 during the week, a much wider move than the Thursday settlement change suggests. Sep. 3 volume was 31.33K contracts against a 13.9K 65-day average. 6

Copper finished almost flat while oil and soybeans repriced sharply. The fixed-contract range shows that copper absorbed substantial intraday risk without carrying that move into the weekly close. The available quote data does not provide a consistent week-specific inventory or open-interest comparison, so the weekly copper read stays with price and volume rather than adding an unverified supply explanation.

Cross-market read

Oil led the week: U.S.-Iran fighting and Hormuz shipping risk lifted WTI and Brent, while the EIA crude draw added domestic support. Continued protected transit keeps the disruption question open.
Soybeans had the stronger grain move: a verified 192,000-metric-ton China sale gave demand a dated signal. Corn had a smaller gain, with July ethanol use providing a firm demand reference.
Gold recovered only slightly: the Aug. 28 rate shock remained visible in the weekly path, while the Fed's inflation and data-dependent message left the next rate repricing unresolved.
Copper's close hid its range: a 0.08% weekly gain came after a $6.5070–$6.7460 move, so the settlement alone understates the week's volatility.

The next useful evidence is follow-through: protected and regular Hormuz transit plus another EIA inventory report for oil; USDA Crop Progress and further China sales for grains; dollar and rate expectations for gold; and a consistent inventory or open-interest series for copper.