Global commodity performance varied as oil prices rose again due to renewed concerns over supplies in the Gulf, while gold continued its losses for the tenth consecutive session. This decline followed the American-Israeli war on Iran and its repercussions on global growth and inflation.
These movements occurred after Iran denied holding talks with the United States to end the war, contradicting statements by U.S. President Donald Trump regarding the possibility of reaching an agreement soon.
Brent crude futures rose 2.79% to $102.73, while U.S. West Texas Intermediate crude climbed 3.55% to $91.26. Concerns persist regarding the security of navigation in the Strait of Hormuz, through which approximately 20% of global oil and liquefied natural gas supplies pass.
In contrast, spot gold fell 0.13% to $4,402.52 per ounce, and U.S. gold futures dropped 0.58% to $4,381.70. The decline was pressured by a strengthening dollar and reduced expectations for an imminent cut in U.S. interest rates.
The precious metal deepened its losses to approximately 18% since the start of the war on February 28, as the dollar became the primary beneficiary of safe-haven demand.
