The Commodities Feed: Renewed US-Iran tensions unnerve oil market | Metals Mine

  • The Commodities Feed: Renewed US-Iran tensions unnerve oil market

    From think.ing.com

    Oil prices managed to eke out a third day of gains amid few signs of de-escalation between the US and Iran. The US carried out additional strikes against Iran. There are also media reports that the US is considering increasing military operations. Iran, meanwhile, said it has no plans to talk. The rapid deterioration is having a meaningful impact on vessel flows from the Persian Gulf. Tanker traffic through the Strait of Hormuz remains depressed, with crossings still under clear pressure. Even so, US officials claim more than 100 vessels managed to get through the strait over the last week with US military support. ... (full story)

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ZforexCM
16 hr ago
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Fed Chair Kevin Warsh reaffirmed the central bank's commitment to fighting inflation, while the latest Beige Book pointed to steady economic growth alongside ongoing price pressures.

At the same time, recent US airstrikes on Iran and continued tensions around the Strait of Hormuz kept supply risks high, supporting energy prices and reinforcing inflation concerns.

- Gold: Traded in a $4,035-$4,065 range as softer US inflation and continued central bank buying helped offset pressure from expectations that interest rates will remain high.

- Silver: Stabilized around $58, finding support from easing inflation and strong long-term industrial demand, although higher interest rate expectations continued to limit upside.

- Brent Crude: Held near $85 per barrel, extending monthly gains as resumed US strikes on Iran, naval activity around the Strait of Hormuz kept concerns over global oil supply firmly in focus.
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