14.07.2026 06:40
The renewed escalation of the US-Iran war has increased volatility in global markets. Tensions in the Strait of Hormuz pushed oil prices to a four-week high, while gold, which had sharply declined in the previous session, rebounded and resumed its rise ahead of US inflation data. Experts note that volatility in commodity markets may persist depending on the course of the conflict.
The renewed escalation of war between the US and Iran has not only impacted the Middle East but also global energy and commodity markets. Following President Donald Trump's orders, airstrikes were conducted against Iran for the third consecutive night, and Iran retaliated by hitting two tankers belonging to the United Arab Emirates with cruise missiles in the Strait of Hormuz, increasing concerns over energy supply.
OIL PRICES AT A 4-WEEK HIGH
The concentration of the war around the Strait of Hormuz has raised fears that global oil supply could be disrupted.
The price of Brent crude oil rose by 2 percent to $84.98 per barrel, while US benchmark crude (WTI) traded at $79.79 per barrel, up 2.1 percent. Brent crude had surged 9.6 percent in the previous session, marking its sharpest daily increase since May 2020.
Experts note that new attacks in the Strait of Hormuz could directly affect global oil trade and that price volatility may persist.
GOLD SITUATION UPDATED
Despite increased geopolitical risks, gold prices did not see the classic "safe-haven" rally this time.
On international markets, the ounce price of gold fell below the $4,000 level, hitting one of its lowest levels recently. Analysts state that rising oil prices increase inflation expectations, strengthening the expectation that US interest rates may stay higher for longer, which supports the dollar and bond yields, putting pressure on gold.
Markets are closely watching the course of the war as well as messages from the US Federal Reserve (Fed) regarding its interest rate policy.
EYES ON THE STRAIT OF HORMUZ
Rising tensions in the Strait of Hormuz, through which a significant portion of global oil trade passes, are seen as the biggest risk for energy markets.
The US's determination to continue attacks and Iran's statements that it will persist with retaliations indicate that volatility in global commodity markets, especially oil, is likely to persist in the coming days.