The international commodity market has recently shown a distinct divergent trend. Crude oil prices have risen driven by geopolitics, while precious metals have remained at high levels supported by safe-haven demand. WTI December crude oil futures rose 1.4%, closing at $60.74 per barrel; Brent January futures rose 1.1%, ending at $64.89 per barrel.

The upward momentum mainly comes from the tightening expectations of EU sanctions against Russia. A senior EU diplomat stated that Russia’s attacks on the EU should be regarded as terrorism, and markets are worried that the escalation of sanctions will affect crude oil supply. At the same time, U.S. sanctions against major Russian oil giants are about to take effect, and major Asian buyers have begun to suspend some purchases, further pushing up oil prices.

In terms of precious metals, New York gold futures exceeded $4,110 per ounce, and spot gold rose 0.54% to $4,066.82 per ounce. Although expectations of a Fed rate cut have cooled, global geopolitical risks and stock market volatility have prompted safe-haven funds to flow into gold. Industrial metals, however, have performed weakly, with LME copper futures falling 0.55%, as investors await the delayed release of U.S. economic data to clarify the demand outlook.