Gold prices are currently navigating heightened uncertainty trading at around $4,605 per ounce, caught between opposing forces that make it difficult to establish a clear short-term trend. On the one hand, the macroeconomic backdrop in the US has reinforced expectations of higher interest rates for longer.
At least 150 tankers, including crude and LNG vessels, dropped anchor in open Gulf waters beyond the Strait of Hormuz and dozens more were stationary on the other side of the chokepoint, shipping data showed, after US and Israeli strikes on Iran plunged the region into turmoil.
Iranian attacks have knocked out 17% of Qatar's liquefied natural gas (LNG) export capacity, causing an estimated $20 billion in lost annual revenue and threatening supplies to Europe and Asia, QatarEnergy's CEO and state minister for energy affairs told Reuters.
Israel said on Tuesday it had killed Iran’s top security official Ali Larijani in an air strike, while Tehran signalled it was rejecting ceasefire overtures conveyed through intermediaries.
US President Donald Trump has announced plans for what he described as a $300 billion refinery investment in Texas backed by India’s Reliance Industries, calling it the first new oil refinery to be built in the United States in nearly 50 years and a major step toward restoring American energy dominance.
Aramco warned the Strait of Hormuz disruption from the Iran war could have “catastrophic consequences” for global oil markets and trigger ripple effects across shipping, insurance, aviation, agriculture and automotive industries.
US President Donald Trump's administration said it used $5.6 billion in munitions during the first two days of strikes against Iran in a report provided to US congressional committees, reported Reuters citing a source familiar with the information.
The repercussions of the joint military operation by the US and Israel against Iran and subsequent retaliatory action will see the further weaponisation of trade and shatter prospects of a large-scale return of container shipping to the Red Sea in 2026, said a leading logistics industry expert.
The ongoing Middle East conflict involving US, Israel and Iran has impacted several major landmarks in the region including Burj Al Arab, Palm Jumeirah, Dubai International Airport, Jebel Ali Port in UAE as well as Crowne Plaza, a premium five-star hotel in Bahrain.
Global power demand is set to grow by more than 3.5% per year on average over the rest of this decade, with electricity generation from renewables, natural gas and nuclear all expanding to keep pace, according to a new International Energy Agency (IEA) report.
