Gold prices remained stable as investors cautiously awaited upcoming U.S. inflation reports, which are expected to provide critical signals for the Federal Reserve's next interest rate decision.
Oil prices remained firm, with Brent crude trading above the key $100 per barrel mark, following the largest-scale attacks on shipping by Iran and the U.S. since their conflict began, stoking fears of prolonged supply disruptions.
Crude prices extended gains after the U.S. and Iran engaged in their most significant military exchange on shipping since February, raising investor concerns over prolonged supply disruptions from the Middle East.
The U.S. Energy Information Administration has increased its oil price forecasts for 2026, citing a rapid drop in global stockpiles due to significant supply disruptions from the ongoing conflict in the Middle East.
The benchmark European natural gas contract briefly surged above €80 per megawatt-hour for the first time since early 2023, driven by fears of supply disruptions after Iran attacked ships in a key energy chokepoint.
Profitability for European gasoline refiners declined sharply as crude oil prices, their main input cost, rose above $100 per barrel for the first time in six weeks amid escalating geopolitical tensions.
The gold-to-silver ratio fell Tuesday as silver's price recovery outpaced gold's, supported by its industrial use case and a weaker U.S. dollar ahead of key inflation data.
Despite a massive clandestine operation involving tankers sailing without transponders, industry data from firms like Goldman Sachs and Vortexa shows total Gulf oil exports are still about 10 million barrels per day below pre-war volumes, fueling a risk premium in global energy markets.
Switzerland has banned the purchase and import of gold from Sudan, a move that aligns with European Union sanctions intended to disrupt the financing of the country's military conflict. The measures take effect on September 10.
