08.07.2026 07:20
The renewed tension between the US and Iran has also impacted energy markets. The US's recent military operations against Iran and its new decisions regarding Iranian oil have heightened global supply concerns, causing oil prices to surge sharply. The rise in oil prices has strengthened inflation worries, creating selling pressure on gold and leading to a decline in the precious metal.
The relatively calm environment established after the ceasefire between the US and Iran did not last long. Attacks on commercial vessels in the Strait of Hormuz and the subsequent large-scale US retaliatory operation against Iran have caused new volatility in energy markets.
The US Central Command (CENTCOM) announced that more than 80 Iranian military targets were struck in operations following Iran's attacks on commercial vessels passing through the Strait of Hormuz. It was reported that the operation targeted air defense systems, command centers, coastal radars, anti-ship missile infrastructure, and over 60 Iranian Revolutionary Guard boats.
TENSIONS RISE AGAIN IN THE STRAIT OF HORMUZ
The US stated that Iran targeted commercial vessels including the Marshall Islands-flagged M/T Al Rekayyat, the Saudi Arabia-flagged M/T Wedyan, and the Liberia-flagged M/T Cyprus Prosperity, describing the attacks as a "clear violation of the ceasefire."
Iran also issued harsh statements following the operation. Iranian Parliament Speaker Mohammad Bagher Ghalibaf argued that the US violated agreements, while the Iranian Revolutionary Guard Corps warned Washington of an "overwhelming response."
US DECISION ON IRANIAN OIL
In addition to the military tension, another critical step affecting energy markets came from Washington.
The US administration revoked the general license that had taken effect on June 21, allowing the sale of Iranian oil for 60 days. This ended the temporary facilitation of Iranian oil's access to international markets.
Experts assess that both the military operations and the revocation of the license have renewed concerns about global oil supply.
OIL HITS TWO-MONTH HIGH
Following the agreement between the US and Iran and the reopening of the Strait of Hormuz, oil prices, which had experienced a sharp decline last week, have turned upward again after the latest developments.
Brent crude, which had fallen to $70.15 per barrel last Thursday, hitting its lowest level in about four months, had moved sideways in the $70.50-72.50 range in the following days.
However, after the recent attacks in the Strait of Hormuz and the US retaliatory operations, the price of Brent crude closed Monday at $72, then rose 5.46% on Tuesday to $75.93. During the day, the $76.60 level was tested, reaching the highest level for oil in the last two months.
SELLING PRESSURE ON GOLD
The resurgence of geopolitical tension also affected the gold market. The rise in oil prices strengthened inflation expectations and increased high interest rate concerns, causing selling pressure on gold, which is seen as a safe haven.
In global markets, the spot gold price fell by 1.42% in yesterday's trading to close at $4,106, while in today's trading, as of 06:20 Turkish time, it was trading at $4,125. Domestically, as of July 8, 2026, the spot gram gold started the day at 6,215 Turkish liras.