Oil Surge from Hormuz Spurs Gold Rise
Commodity markets experienced strong movements on Monday, with oil prices rising by more than 4% amid ongoing closure of the Strait of Hormuz and increasing concerns over global oil supplies. Brent crude increased by 4.3%, reaching approximately $87.15 per barrel, while US crude futures rose to around $81.59. Gold prices also hit a nine-week high at $4,379.46 per ounce, supported by weak US employment data showing a loss of more than 23,000 jobs in July 2026, which lowered expectations for interest rate hikes. These developments come amid escalating geopolitical tensions in the region, especially with Iran's threats to further jeopardize navigation security in the Strait of Hormuz if US policies continue.
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