08.06.2026 07:20
Israel's attacks on Iran's cities of Tehran, Isfahan, Tabriz, and Karaj have once again escalated tensions in the Middle East. As growing war concerns are reflected in global markets, the price of Brent crude oil has risen above $96 per barrel. Investors are now turning their attention to gold, seen as a safe haven, and to Iran's potential retaliation.
Israel's attacks on Iran's cities of Tehran, Isfahan, Tabriz, and Karaj have once again escalated tensions in the Middle East. Following the operation, which took place despite US President Donald Trump's call to "delay retaliation," volatility emerged in energy and commodity markets. While oil prices rose, investors turned back to gold, seen as a safe haven.
The effective end of the ceasefire in the Middle East, which came into force in April, caused an earthquake effect in global markets. After Iran's missile attacks on Israel, the Israeli army targeted Iran's cities of Tehran, Isfahan, Tabriz, and Karaj during the night.
Israeli Prime Minister Benjamin Netanyahu's order to attack, despite US President Donald Trump's call to "delay retaliation," raised the possibility of a larger-scale conflict in the region. Expectations of new retaliation from Iran and news of attacks from Yemen reduced investors' risk appetite.
OIL PRICES SURGED
With the resurgence of war, the oil market experienced a sharp rise. The barrel price of Brent crude, which closed last week at $92.80, rose above $96 in the first trading sessions of the new week.
Experts note that if the Israel-Iran tension threatens energy shipments around the Strait of Hormuz, the rise in oil prices could accelerate. While a significant portion of global oil trade passes through this region, a potential supply disruption scenario creates additional pressure on prices.
EYES TURN TO GOLD
With increasing geopolitical risks, investors' demand for safe havens has come back to the fore. Gold spot, which lost 4.7% last week and closed at $4,328, started the new week on a volatile note.
For gold spot, which fell to the $4,300 level in early trading, it is assessed that the direction could turn upward again due to developments in the Middle East. Analysts state that demand for gold could increase if the war escalates.
RISK ALARM IN GLOBAL MARKETS
The resumption of mutual attacks between Israel and Iran concerns not only energy and precious metal markets but also global stock markets closely. As investors follow new developments that may occur in the region, it is stated that the tendency towards safe-haven assets could increase.
All eyes in the markets are now on Iran's possible response to the Israeli attacks. A new wave of retaliation could pave the way for sharper movements in oil and gold prices.