FX.co ★ Coal Gains on US-Iran Tensions

Coal prices have risen to around $145 per ton, rebounding from two-month lows as broader energy markets firm amid ongoing geopolitical tensions in the Middle East. President Donald Trump declared that the United States no longer needs an agreement with Iran and instructed Vice President JD Vance to prioritize domestic issues over negotiations with Tehran. Iran, for its part, maintains that Washington must first lift its naval blockade and remove sanctions before it will agree to direct peace talks. Previously, coal prices had surged to multi-year highs as elevated LNG prices—driven by the Middle East conflict—prompted greater reliance on coal-fired power generation. In a separate development, the International Energy Agency projected in September that global coal consumption will reach a record level this year, despite continuing efforts to transition to cleaner energy sources and the ongoing retirement of coal-fired power plants across Europe and North America.