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Wheat Futures Slip as Middle East Negotiations Inject Uncertainty Into Markets

Wheat futures extended their longest losing streak since January as traders reassessed geopolitical risk following reports of military action in the Strait of Hormuz. The mixed signals from ongoing U.S.-Iran negotiations created volatility across commodities markets. President Trump indicated talks were progressing favorably, though he cautioned that military operations could resume if diplomacy stalled. Reports of strikes on Iranian vessels near the critical shipping channel contradicted peace optimism, keeping commodity traders cautious. Gold declined on similar concerns, while energy markets remained mixed. The dual narrative of diplomatic progress and military escalation weighed on investor sentiment, delaying broader market gains seen in equities, where European stocks hit their highest level since March on hopes for regional de-escalation.