Global commodity performance varied as oil prices rose again due to renewed supply concerns in the Gulf, while gold continued its losses for the tenth consecutive session. This decline followed the US-Israeli war on Iran and its implications for global growth and inflation.
These movements occurred after Iran denied holding talks with the United States to end the war, contradicting statements by US President Donald Trump regarding the possibility of reaching an agreement soon.
Brent crude futures rose 2.79% to $102.73, while US West Texas Intermediate (WTI) crude climbed 3.55% to $91.26. Concerns remain 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 US gold futures dropped 0.58% to $4,381.70. The metal was pressured by a rising dollar and diminishing bets on an imminent cut in US interest rates.
The precious metal has deepened its losses to approximately 18% since the start of the war on February 28, as the dollar has become the primary beneficiary of safe-haven demand.
