Conflict between the US and Iran causes volatility in global markets
US and Iran tensions created a geopolitical shock in global markets, pushing oil above 95 dollars while gold and metals declined.
The reigniting conflict between the US and Iran simultaneously put pressure on global financial assets and heightened concerns over energy costs and inflation in the markets.
Rise in Oil
Brent oil climbed above 95 dollars, reaching its highest level in five weeks due to risks in the Strait of Hormuz.
Decline in Gold
Safe-haven gold retreated to 4,300 dollars per ounce, erasing its year-to-date gains and dropping to a three-week low.
Silver and Copper Market
Silver and copper prices also took a hit from the sell-off and declined, with copper dropping to 6.4 dollars per pound.
European Natural Gas Crisis
Natural gas prices at the Dutch TTF hub in Europe exceeded 75 euros/MWh, reaching the highest level since early 2023.