Oil prices climb due to US-Iran crisis
As tensions between the US and Iran escalate, gold and silver prices have experienced a significant decline, while a notable rise has been observed in oil prices.
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The rise in geopolitical risks in global markets, particularly following the US's military moves against Iran, has disrupted economic indicators in recent days. While sharp sell-offs have come to the fore in gold and silver, oil prices continue to trend upward.
In the morning hours, the price of an ounce of gold fell to 4,365 dollars, reaching its lowest level in the last two months. A similar decline was observed in gram gold, which dropped to 6,454 liras as of 08:13. The gap between the Grand Bazaar and official prices continues: gram gold is trading at 6,582 liras in the Grand Bazaar.
Silver also lost value in parallel with gold. A significant decline was noted in the morning session for an ounce of silver, which traded at the 71.94 dollar level.
The rise in the dollar index reached 99.49 points in the morning hours, indicating that the dollar has strengthened further on a global scale.
Oil investors, on the other hand, are on the rise. Brent crude, in particular, climbed to the 95.64 dollar level in the early hours of the day, challenging recent records. This increase has raised concerns regarding energy costs and global inflation.
NEW DEVELOPMENTS IN THE CRISIS
Tensions between the US and Iran have been escalating in recent days. The Iranian Revolutionary Guard Corps announced that they targeted a US airbase in the region following an attack in Bandar Abbas. Additionally, it was reported that Kuwait was attacked with missiles and unmanned aerial vehicles.
The official statement from Iran included the following: “This response is a serious warning so that the enemy knows that its aggression will not go unanswered, and in the event of a recurrence, our response will be more decisive. The responsibility for the consequences of the attack lies with the aggressor.”
The rise in oil prices and the decline in gold and silver are also of close concern to central banks. Experts point out that the rise in energy prices could trigger inflation and that, for this reason, interest rates on a global scale may remain high for a long time.