Iran conflict pushes oil up, bonds hit gold

Gold prices fell sharply by 1.07%, reaching approximately $4,369.56 per ounce, amid rising oil prices that have increased for the third consecutive session. This comes as concerns about potential disruptions to energy supplies persist due to tensions in the Strait of Hormuz and the ongoing conflict between the United States and Iran. Brent crude for October delivery rose by 0.52%, reaching $91.34 per barrel, while US Texas Intermediate crude increased by 0.74% to $84.36, driven by fears of supply disruptions. At the same time, rising energy costs have sparked inflation worries and boosted bond yields, putting downward pressure on gold prices. The restart of oil tanker movement through the Strait of Hormuz has stalled after Washington did not extend a temporary agreement with Tehran, which announced an escalation in military activities. This raises the likelihood of continued disruptions to oil supplies and impacts oil price forecasts for the last quarter of the year and into 2027. Additionally, US Treasury yields for 10- and 30-year bonds have risen to levels not seen in years.

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