09.07.2026 07:20
After the US struck approximately 90 military targets in Iran, Iran's retaliation against US bases in Kuwait and Bahrain heightened geopolitical risks in global markets. With concerns over the Strait of Hormuz, Brent crude oil rose to $78.80 per barrel, while gold held at $4,066 levels due to investor demand for safe havens.
The United States Central Command (CENTCOM) announced that it conducted operations against approximately 90 military targets along Iran's coastline, following Iran's attacks on commercial vessels in the Strait of Hormuz. The strikes reportedly targeted air defense systems, coastal surveillance elements, missile and drone depots, and military logistics infrastructure.
In response, Iran announced that it carried out attacks with missiles and unmanned aerial vehicles on US military bases in Kuwait and Bahrain. The Revolutionary Guards warned that if the US conducts new attacks, retaliations against American bases in the region would continue.
OIL PRICES RISE
The mutual strikes heightened supply concerns in global energy markets. According to Reuters, the new US attacks weakened expectations that the conflict would end soon and reduced hopes for the full reopening of the Strait of Hormuz. Consequently, oil prices rose.
In international markets, the price of Brent crude increased by 78 cents, rising 1 percent to $78.80 per barrel. US crude oil (WTI) rose by 74 cents, trading at $74.26, up 1.01 percent.
SAFE-HAVEN EFFECT ON GOLD
With increasing geopolitical risks, investors turned to gold as a safe haven, but the expectation that rising oil prices could increase inflationary pressure and maintain higher interest rates limited gold's rise.
Spot gold traded at around $4,066 per ounce, while US gold futures hovered around $4,077. Analysts noted that geopolitical tensions support gold, but interest rate expectations weigh on prices.
STRAIT OF HORMUZ CRITICAL FOR GLOBAL MARKETS
The possibility of a new disruption in the Strait of Hormuz, through which a significant portion of global oil trade passes, is increasing concerns about energy supply. Markets are closely monitoring military developments in the region, and it is assessed that new strikes could increase volatility in oil and gold prices.