Gold Holds Above $5,100 as Oil Rallies on Strait of Hormuz Crisis

1. MARKET OVERVIEW TABLE

Vibe: Commodities markets rally on heightened geopolitical tensions in the Middle East, with oil prices up 20% this week as Strait of Hormuz disruptions create supply concerns.

2. PRECIOUS METALS PERFORMANCE

🟢 Top Gainers

🔴 Top Losers

3. ENERGY COMMODITIES

🟢 Top Gainers

🔴 Top Losers

4. KEY COMMODITIES DETAILED

Gold

• Price: $5,162.50 per ounce
• 24h Change: +$22.30 (+0.43%)
• 7d Change: N/A
• 30d Change: N/A
• Trading Volume: N/A
• Day’s Range: $5,122.10 - $5,195.60
• Key Levels: Support near $5,100, Resistance at $5,200

Silver

• Price: $84.11 per ounce
• 24h Change: +$0.68 (+0.82%)
• 7d Change: N/A
• 30d Change: N/A
• Trading Volume: N/A
• Day’s Range: $80.52 - $85.69
• Key Levels: Support near $82, Resistance at $86

Crude Oil (WTI)

• Price: $76.64 per barrel
• 24h Change: +$1.98 (+2.65%)
• 7d Change: N/A (up ~20% this week according to market reports)
• 30d Change: N/A
• Trading Volume: N/A
• OPEC+ Stance: N/A

Crude Oil (Brent)

• Price: $83.16 per barrel
• 24h Change: +$1.76 (+2.16%)
• 7d Change: N/A
• 30d Change: N/A
• Trading Volume: N/A

5. 52-WEEK / ALL-TIME LEVELS

New Highs Today

• None reported

Near Highs

New Lows Today

• None reported

6. WHAT DROVE THE MARKET - DETAILED BREAKDOWN

Geopolitical Events

• Strait of Hormuz Crisis: The critical chokepoint remains de facto closed to tanker traffic, with dozens of oil tankers stranded
• 37 India-flagged ships with 1,109 crew members are stuck in the Persian Gulf, Gulf of Oman and adjoining sea areas
• 7 South Korean crude oil tankers are currently stranded in the Strait of Hormuz, with one vessel carrying 2 million barrels of crude
• Tanker traffic through Strait of Hormuz crashed from 40 vessels per day in January to a single tanker on March 3
• Iranian strikes targeted facilities linked to Ras Laffan and Mesaieed Industrial City in Qatar

OPEC+ Decisions

• No immediate OPEC+ announcements reported

US Dollar Strength

• No significant data available

Economic Data

• No major economic releases reported affecting commodities directly

Supply Chain Issues

• Major LNG Disruption: QatarEnergy declared force majeure on LNG supplies after halting production at key export facilities
• Roughly 20% of global LNG supply is at risk if the disruption persists
• QatarEnergy operates 14 LNG trains at Ras Laffan and is the world’s largest single LNG exporter
• Production halt affects LNG output and downstream products including urea, polymers, methanol, and aluminum

Weather Events

• No major weather events affecting commodity production reported

China Demand

• China halted fuel exports amid global market squeeze
• Asian LNG prices fell on US plan to secure Hormuz Strait
• Asian markets in freefall as oil price surge stokes inflation fears

India-Specific Factors

• Two Russian Urals tankers diverted 14 million barrels to Indian ports to supply shortage
• Indian refiner MRPL declared force majeure on gasoline exports
• India Mulls return to Russian oil as Iran war halts Middle East flows

7. SPECIAL MENTIONS

• QatarEnergy Force Majeure: World’s largest single LNG exporter declared force majeure on supplies, putting ~20% of global LNG supply at risk
• Strait of Hormuz Shipping Crisis: Tanker traffic down 97.5% from January levels (40 vessels/day to 1 vessel on March 3)
• Indian Refiner MRPL: Declared force majeure on gasoline exports due to supply constraints
• Asian LNG Prices: Fell on US plan to secure Hormuz Strait after surging to three-year high
• European Gas Prices: Soar 30% as Qatar halts LNG output
• Russian Oil Diversion: Two Russian Urals tankers diverting 14 million barrels to Indian ports
• US Strategic Petroleum Reserve: US not planning to tap immediately despite price surge

8. TECHNICAL LEVELS

Gold

• Support: $5,100, $5,050
• Resistance: $5,200, $5,250
• Key Moving Averages: N/A

Silver

• Support: $82, $80
• Resistance: $86, $88
• Key Moving Averages: N/A

WTI Crude

• Support: $75, $73
• Resistance: $78, $80
• Key Moving Averages: N/A

Brent Crude

• Support: $82, $80
• Resistance: $85, $87
• Key Moving Averages: N/A

9. SUMMARY

Commodities markets experienced significant volatility on March 5, 2026, driven primarily by escalating geopolitical tensions in the Middle East. Oil prices rallied approximately 20% this week as the Strait of Hormuz crisis intensified, with the critical shipping chokepoint remaining de facto closed to tanker traffic. QatarEnergy’s declaration of force majeure and production halt added further pressure to energy markets, with approximately 20% of global LNG supply now at risk.

The disruption in shipping routes has stranded 37 Indian-flagged ships with over 1,100 crew members and 7 South Korean crude oil tankers in the Persian Gulf region. Tanker traffic through the Strait of Hormuz declined dramatically from 40 vessels per day in January to just one vessel on March 3, according to Vortexa data.

Precious metals showed modest gains, with gold rising 0.43% to $5,162.50 per ounce and silver gaining 0.82% to $84.11 per ounce. Energy commodities were the primary beneficiaries of the geopolitical risk premium, with WTI crude up 2.65% to $76.64, Brent crude adding 2.16% to $83.16, natural gas rising 2.50% to $2.990, and gasoline gaining 3.50% to $2.603.

The broader impact includes Asian markets experiencing declines as oil price surges stoke inflation fears, while European gas prices climbed 30% following Qatar’s LNG production halt. The situation remains fluid as market participants monitor developments in the Gulf region.

Details for information purposes only. Don’t treat this as financial advice.