Commodity markets remained under pressure from the war in the Middle East. West Texas Intermediate crude rose 2.8% to $102.43 a barrel, and US crude topped $100 during the session. Brent crude also stayed elevated, reaching $115 a barrel at one stage. Spot gold climbed 0.8% to $4,529.02 an ounce.
The conflict has disrupted a major route for energy supplies and increased concern about slower growth and firmer inflation. President Donald Trump said the US is in “serious discussions” with Iran to end military operations, while also threatening to destroy the country’s energy assets if the Strait of Hormuz is not reopened. Treasury Secretary Scott Bessent said the administration is moving to address oil supply shortages and expressed optimism about reopening the shipping route.
Even so, market participants remained cautious. James McCann at Edward Jones said the Iran conflict continues to loom over the outlook, while Chris Senyek at Wolfe Research said markets remain driven by headlines around escalation and de-escalation.