13.07.2026 07:20
The reciprocal military attacks between the US and Iran over the weekend caused significant volatility in global markets. Amid concerns over energy shipments through the Strait of Hormuz, Brent crude and US crude oil prices rose by over 4%, while rising inflation and expectations of interest rate hikes weighed on gold prices. Spot gold fell by up to 1.4%, as investors turned their attention to the impact of tensions in the Middle East on energy supply and the global economy.
The mutual military operations between the US and Iran over the weekend energized energy markets. On the first trading day of the week, Brent crude oil rose 4.08% to $79.11 per barrel, while US crude oil (WTI) increased 4.11% to $74.36 per barrel.
The rise was driven by concerns over energy shipments through the Strait of Hormuz.
TENSION CONTINUES IN THE STRAIT OF HORMUZ
The US Central Command (CENTCOM) announced on Sunday that it had carried out new airstrikes targeting dozens of sites in Iran. In response, Iran's Revolutionary Guard stated it had targeted US military bases in Kuwait and Bahrain.
US President Donald Trump asserted that the Strait of Hormuz remains open to commercial shipping, while Iran had previously declared the strait closed until further notice.
Before the conflict, approximately 20% of the world's oil and liquefied natural gas trade passed through the Strait of Hormuz. According to ship tracking data, only six vessels transited the strait on Sunday, marking the lowest level in five weeks.
SHARP DECLINE IN GOLD
While rising geopolitical tension pushed oil prices up, gold prices depreciated. Expectations that weekend developments could increase inflationary pressure and delay central bank interest rate cuts led investors to exit gold.
Gold fell as much as 1.4% on Monday to $4,060 per ounce, and since the start of the Iran conflict in late February, gold has lost about one-fifth of its value. High oil prices, rising bond yields, and a strong dollar are said to be increasing pressure on gold.
MARKETS CAUTIOUS ON CEASEFIRE
Analysts note that the weekend attacks have raised questions about the future of the provisional agreement reached between the US and Iran last month.
Markets are closely watching whether the current situation is a temporary tension in the fragile ceasefire process or the start of a larger conflict.