ING
July 8, 2026
The Commodities Feed: Oil Bounces on Persian Gulf Re-Escalation
Daily UpdateCommoditiesRates CreditEnergyMaterials
Escalating geopolitical tensions in the Persian Gulf have triggered a surge in oil and gas prices as supply concerns mount. Simultaneously, robust central bank gold buying and constrained refined product supplies continue to support precious and base metals markets.
Key Takeaways
- 1.Oil prices surged due to renewed tensions in the Persian Gulf and the US revocation of an Iranian oil sanction waiver.
- 2.Refined product supply remains tight as Ukrainian drone strikes hit Russian refineries and Middle East flows remain disrupted.
- 3.China continues aggressive accumulation of gold reserves, buying for the 20th consecutive month.
Table of Contents
- Energy – US revokes temporary sanction waiver for Iran
- Metals – China ramps up gold buying
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Authors
Warren PattersonEwa Manthey
Securities
ICE BrentTTF
Themes
Central Bank Reserve DiversificationGeopolitical Risk
Regions
Middle EastEuropeUnited StatesIranRussia
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