Oil and gold rally as Iran locks down key oil route to US and Israeli allies

Oil and gold prices rallied amid escalating tensions in the Middle East after Iran’s Islamic Revolutionary Guard Corps (IRGC) declared it would forcefully respond to any vessels tied to US and Israeli allies moving through the Strait of Hormuz. The IRGC navy reportedly intercepted and redirected three container ships. This action raised concerns over prolonged interruptions on the crucial route, which normally handles about 20.5 million barrels of crude oil and condensate daily, roughly one-fifth of global supply. Brent crude hit $111 a barrel, and WTI topped $98, while gold surpassed $4,500. This disruption, stemming from military strikes initiated on February 28, 2026, is noted as being nearly five times larger in volume than the 1973 Arab Oil Embargo, causing oil prices to rise over 40% compared to pre-war levels and forcing emergency conservation measures in several nations. Meanwhile, crypto markets faced renewed pressure, with Bitcoin dropping to $65,730.

(Source：Crypto Briefing)