Military Tension Between the US and Iran Causes Volatility in Global Markets
Reports of explosions from strategic locations in Iran impacted commodity prices. Brent crude rose, while ounce and gram gold declined.
Following the launch of a military operation by the US against Iran and reports of explosions from the region, oil prices climbed in global markets and a decline was observed in gold prices.
Military Moves and Explosions
With the escalation of tension between the US and Iran and the US military launching an operation, reports of consecutive explosions were heard from the region.
In line with information featured in the Iranian press, loud explosion sounds were recorded around Qeshm Island, Bandar Abbas, Sirik, Chabahar, and Konarak.
Changes in Commodity Markets
The increasing geopolitical risks following the hot developments in the Middle East caused sharp price movements in commodity markets.
As investors took new positions, oil prices showed a rapid increase while a noticeable decline occurred in gold prices.
Oil and Gold Prices
As a result of the fluctuations in the markets, the barrel price of Brent crude climbed from the levels of 94.40 dollars to 95.34 dollars.
While ounce gold fell from 4,342 dollars to 4,325 dollars, gram gold dropped from the levels of 6,740 and 6,742 TL to the 6,712 TL level.