Geopolitical tensions in the Middle East drive up oil and gold prices
From Barchart: 2025-06-23 11:54:00
- Oil prices surged on Monday following the US airstrike that killed a top Iranian general. Brent crude rose 3.6% to $70.24 a barrel, while US crude jumped 3.1% to $63.84 a barrel.
- Global stock markets were rattled by the news, with Asian markets ending the day in the red. Japan’s Nikkei fell 1.9%, Hong Kong’s Hang Seng dropped 0.8%, and China’s Shanghai Composite slipped 0.2%.
- Gold prices surged to a 7-year high of $1,582.59 per ounce as investors sought safe-haven assets. The precious metal is often seen as a hedge against geopolitical uncertainty and market volatility.
- The US dollar strengthened against major currencies as investors flocked to safer assets. The dollar index, which measures the greenback against a basket of currencies, rose to 96.844.
- Traders are closely monitoring the situation in the Middle East for any further escalations that could impact global markets. Geopolitical tensions have the potential to disrupt oil supplies, impact global trade, and create market volatility in the coming days.
Read more at Barchart: Palantir, Nuclear Stocks, and the Put/Call Ratio: Key Stocks, Sectors, and Indicators on Watch After U.S. Strikes on Iran