24.07.2026 08:20
Following the rising tensions in the Middle East and Houthi attacks, Brent crude oil rose above $100 for the first time in two months. While Iran argues that higher oil prices increase its bargaining power against the US, oil-driven inflation concerns weighed on gold prices. Gold fell to $4,127 per ounce, while gram gold dropped to 6,269 lira.
Increasing geopolitical tensions in the Middle East have shifted the balance in global markets. Brent crude oil prices exceeded $100 per barrel for the first time in two months after Iran-backed Houthis claimed to have attacked two Saudi oil tankers in the Red Sea, and US President Donald Trump warned of attacks on Iranian infrastructure if ships passing through the Strait of Hormuz are targeted.
Following the rise in oil prices, notable statements also came from the Iranian administration. In Tehran, it was assessed that rising oil prices have strengthened the hand of circles opposing renewed negotiations with Washington.
IRAN: EITHER EVERYONE OR NO ONE
Iranian officials argued that the security crisis around the Strait of Hormuz and the Bab el-Mandeb Strait has increased the country's bargaining power.
Iran's Parliament Speaker and chief negotiator, Mohammad Bagher Ghalibaf, stated on his social media account, "The equation of this war is clear: Either everyone or no one."
The Tehran administration argued that the rise in oil prices supports the view that a prolonged conflict would put more pressure on the US than on Iran.
GOLD FALLS FROM TWO-WEEK HIGH
Expectations that the rise in oil prices could reignite global inflation and keep central bank interest rates higher for longer created selling pressure on gold prices.
Gold started the day at $4,121 per ounce. After hitting a low of $4,112 and a high of $4,141 during the day, gold was last bought at $4,127 per ounce.
Domestically, gram gold started the day at 6,269 lira. After reaching a low of 6,242 lira and a high of 6,288 lira during the day, gram gold was trading at 6,269 lira.
EYES ON THE FED AND ECB
Investors' focus has shifted to next week's US Federal Reserve (Fed) meeting. Markets see the Fed keeping interest rates unchanged as certain, while the possibility of a rate hike later in the year continues to be priced in. Markets assess the probability of a rate hike in September at 61%.
Meanwhile, the European Central Bank (ECB) is also expected to keep interest rates unchanged, but it is anticipated to leave the door open for a possible rate hike in September.