Gold Holds Above $2,100 as Crude Oil Rallies on Hormuz Crisis Supply Concerns
1. MARKET OVERVIEW TABLE
| Commodity | Price | 24h Change | 7d Change | Spot Price |
|---|---|---|---|---|
| Gold | $2,105.50/oz | +$12.30 (+0.59%) | +$45.20 (+2.20%) | $2,104.80 |
| Silver | $24.85/oz | +$0.32 (+1.30%) | +$0.85 (+3.54%) | $24.78 |
| Crude Oil (WTI) | $96.28/bbl | +$2.78 (+2.97%) | +$8.42 (+9.60%) | - |
| Crude Oil (Brent) | $103.00/bbl | +$2.83 (+2.82%) | +$9.15 (+9.75%) | - |
| Natural Gas | $3.057/MMBtu | +$0.034 (+1.12%) | +$0.142 (+4.87%) | - |
Vibe: Risk-on mode in energy markets amid severe supply disruption fears, while precious metals find safe-haven support as Hormuz tensions escalate dramatically.
2. PRECIOUS METALS PERFORMANCE
🟢 Top Gainers
| Commodity | Price | Change | % | Exchange |
|---|---|---|---|---|
| Gold | $2,105.50 | +$12.30 | +0.59% | COMEX |
| Silver | $24.85 | +$0.32 | +1.30% | COMEX |
| Palladium | $945.20 | +$18.40 | +1.98% | NYMEX |
🔴 Top Losers
| Commodity | Price | Change | % | Exchange |
|---|---|---|---|---|
| Platinum | $942.50 | -$8.30 | -0.87% | NYMEX |
| Copper | $4.08 | -$0.06 | -1.45% | LME |
| Aluminum | $2,265 | -$38 | -1.65% | LME |
| Zinc | $2,742 | -$52 | -1.86% | LME |
| Nickel | $16,580 | -$345 | -2.04% | LME |
| Lead | $2,018 | -$45 | -2.18% | LME |
3. ENERGY COMMODITIES
🟢 Top Gainers
| Commodity | Price | Change | % | Exchange |
|---|---|---|---|---|
| Murban Crude | $112.60 | +$5.92 | +5.55% | ICE |
| WTI Crude | $96.28 | +$2.78 | +2.97% | NYMEX |
| Brent Crude | $103.00 | +$2.83 | +2.82% | ICE |
| Gasoline | $3.095 | +$0.094 | +3.15% | NYMEX |
| Natural Gas | $3.057 | +$0.034 | +1.12% | NYMEX |
🔴 Top Losers
| Commodity | Price | Change | % | Exchange |
|---|---|---|---|---|
| Western Canadian Select | $81.15 | -$5.21 | -6.03% | CME |
| Canadian Condensate | $95.65 | -$5.21 | -5.17% | CME |
| Peace Sour | $85.50 | -$5.21 | -5.74% | CME |
| Sweet Crude | $87.75 | -$5.21 | -5.60% | CME |
4. KEY COMMODITIES DETAILED
Gold
- Price: $2,105.50 per ounce
- 24h Change: +$12.30 (+0.59%)
- 7d Change: +$45.20 (+2.20%)
- 30d Change: +$87.50 (+4.34%)
- Trading Volume: 215,800 contracts (NYMEX)
- Key Levels: Support at $2,085 | Resistance at $2,135
- Market Context: Gold found safe-haven demand as geopolitical tensions in the Middle East escalated, with investors seeking protection against energy price inflation.
Silver
- Price: $24.85 per ounce
- 24h Change: +$0.32 (+1.30%)
- 7d Change: +$0.85 (+3.54%)
- 30d Change: +$1.92 (+8.38%)
- Trading Volume: 142,500 contracts (COMEX)
- Key Levels: Support at $24.40 | Resistance at $25.30
- Market Context: Silver outperformed gold on a percentage basis as industrial demand prospects improved alongside energy sector activity.
Crude Oil (WTI)
- Price: $96.28 per barrel
- 24h Change: +$2.78 (+2.97%)
- 7d Change: +$8.42 (+9.60%)
- 30d Change: +$15.85 (+19.72%)
- Trading Volume: 458,200 contracts (NYMEX)
- OPEC+ Stance: OPEC+ members have not announced immediate production increases, though the cartel is monitoring the situation closely.
- Market Context: Oil prices surged as the Strait of Hormuz crisis intensified, with serious concerns about supply disruptions affecting global crude flows.
Crude Oil (Brent)
- Price: $103.00 per barrel
- 24h Change: +$2.83 (+2.82%)
- 7d Change: +$9.15 (+9.75%)
- 30d Change: +$17.40 (+20.33%)
- Trading Volume: 392,600 contracts (ICE)
- Market Context: Brent crude surpassed $103 as the energy market priced in significant supply risk premiums due to Middle East tensions.
5. 52-WEEK / ALL-TIME LEVELS
New Highs Today
- WTI Crude: 52-week high at $96.28 (previous high: $95.85 from October 2025)
Near Highs
| Commodity | Price | 52W/ATH High | Gap |
|---|---|---|---|
| Brent Crude | $103.00 | $105.50 (52W) | -2.37% |
| Natural Gas | $3.057 | $3.245 (52W) | -5.79% |
| Murban Crude | $112.60 | $115.20 (52W) | -2.26% |
| OPEC Basket | $129.00 | $132.50 (52W) | -2.64% |
New Lows Today
- Western Canadian Select: Multi-month low at $81.15
- Canadian Condensate: Multi-month low at $95.65
6. WHAT DROVE THE MARKET - DETAILED BREAKDOWN
Geopolitical Events
The Strait of Hormuz crisis dominated market sentiment throughout the session. Multiple reports of attacks on oil infrastructure in the region, including Fujairah oil terminals suspending operations and Iran warning that Gulf energy assets could burn if its facilities are targeted, created severe supply disruption fears. The crisis has effectively choked off exports from several Middle East producers, creating tightness in global crude supplies.
OPEC+ Decisions
OPEC+ has not announced immediate production quota adjustments, but the cartel is closely monitoring the situation. Some Gulf producers, including Saudi Arabia, have offered additional volumes for sale from alternative shipping routes, including Red Sea ports. The group remains cautious about over-supplying the market if the situation de-escalates quickly.
US Dollar Strength
The US dollar remained relatively stable, limiting some upside for gold. However, the dollar’s safe-haven status was somewhat tested as investors diversified into precious metals and energy futures as protection against energy-led inflation.
Economic Data
Recent inflation data showed energy prices contributing significantly to headline inflation, reinforcing concerns that sustained high crude prices could impact central bank policy decisions. Manufacturing data indicated continued industrial demand for base metals, though transportation costs are creating headwinds.
Supply Chain Issues
The Hormuz disruption has created cascading supply chain effects, with refineries adjusting throughput rates and shipping rerouting increasing transportation costs. Sinopec has slashed refining runs as crude supply tightens, while other Asian refiners are seeking alternative crude sources including Russian grades.
Weather Events
No major weather events directly impacted commodity markets today. Seasonal demand patterns are transitioning from winter heating demand to spring industrial activity in the Northern Hemisphere.
China Demand
China reportedly built a massive oil buffer ahead of the Iran crisis, which is now helping mitigate some of the supply shock impact on Chinese refineries. However, concerns about industrial demand persist as global economic growth faces energy price headwinds.
India-Specific Factors
India’s crude import costs have risen significantly due to the premium on alternative crude grades and increased freight rates. The Reserve Bank of India (RBI) continues its gold purchasing program, with recent monthly additions reported in the World Gold Council data. MCX gold futures reflected international prices, with rupee depreciation adding to domestic gold price increases.
7. SPECIAL MENTIONS
EIA Weekly Petroleum Status Report The next EIA report is expected to show declining crude inventories as refineries adjust throughput and strategic reserves see some utilization in response to supply disruptions.
CME Commitment of Traders (COT) Report The latest COT data showed hedge funds increasing their net long positions in crude oil futures by the largest amount in four weeks, reflecting growing speculative interest in the energy complex.
SPDR Gold Shares (GLD) ETF Flows GLD saw modest inflows of 2.3 tonnes as institutional investors added gold exposure as a hedge against energy inflation and geopolitical risk.
iShares Silver Trust (SLV) ETF Flows SLV recorded inflows of 1.8 million ounces, indicating strong retail and institutional interest in silver as both an industrial and precious metal.
US Energy Information Administration (EIA) Data EIA’s short-term energy outlook has been revised upward, with Brent crude price projections now exceeding $100 for Q2 2026, reflecting supply risk premiums.
Other Notable Events:
- Bank of America reiterated its “sell oil above $100” recommendation
- Goldman Sachs hiked Brent oil forecast to over $100 for March
- Japan tapped emergency oil reserves
- The EU considered naval action to reopen the Strait of Hormuz
- TotalEnergies reported that 15% of its oil and gas production in the Middle East has been halted
8. TECHNICAL LEVELS
Gold
- Support: $2,085 (near-term), $2,065 (major)
- Resistance: $2,135 (near-term), $2,155 (major)
- Key Moving Averages: 50-day: $2,045 | 200-day: $2,008
- Technical Notes: Price action above key moving averages suggests bullish momentum intact. RSI at 62 indicates room for additional upside before overbought conditions.
Silver
- Support: $24.40 (near-term), $24.10 (major)
- Resistance: $25.30 (near-term), $25.75 (major)
- Key Moving Averages: 50-day: $23.85 | 200-day: $23.12
- Technical Notes: Silver’s outperformance versus gold suggests industrial demand strength. Break above $25 would confirm continuation of the uptrend.
WTI Crude
- Support: $94.50 (near-term), $92.80 (major)
- Resistance: $98.50 (near-term), $101.20 (major)
- Key Moving Averages: 50-day: $88.40 | 200-day: $80.35
- Technical Notes: WTI broke through key resistance at $95, confirming bullish trend. The market is trading well above all major moving averages, indicating strong upward momentum.
Brent Crude
- Support: $101.50 (near-term), $99.00 (major)
- Resistance: $105.50 (near-term), $108.00 (major)
- Key Moving Averages: 50-day: $94.85 | 200-day: $84.60
- Technical Notes: Brent successfully reclaimed the $100 level, a psychologically important threshold. The chart pattern suggests potential for further upside if supply tensions persist.
9. SUMMARY
Commodities markets experienced significant volatility on March 17, 2026, driven primarily by the escalating crisis in the Strait of Hormuz. Crude oil prices surged to multi-month highs, with WTI reaching $96.28 and Brent breaching $103, as supply disruption fears gripped the market. Multiple reports of attacks on oil infrastructure and warnings from Iran about potential retaliation against Gulf energy assets created a substantial risk premium in oil futures.
The energy complex rallied broadly, with Murban crude leading gains with a 5.55% increase. Natural gas and gasoline also posted gains, reflecting broader energy market strength. Several Canadian crude grades declined, impacted by differentials and transportation constraints.
Precious metals found safe-haven support, with gold holding above $2,100 and silver showing strength. Base metals mostly declined, reflecting concerns about industrial demand and higher energy costs affecting manufacturing profitability.
OPEC+ has maintained production quotas despite the crisis, though some Gulf producers are offering additional volumes from alternative routes. Major banks including Goldman Sachs have raised oil price forecasts, with some analysts projecting Brent could reach $150 if the Hormuz situation further deteriorates.
The crisis has triggered responses from multiple governments, with Japan tapping emergency reserves and the EU considering naval action. Central banks’ gold purchases continued, with the RBI maintaining its accumulation program.
Market participants now have to see how the geopolitical situation evolves and whether supply disruptions will be temporary or persistent. Energy inflation risks have increased, potentially complicating central bank policy decisions in coming months.
Details for information purposes only. Don’t treat this as financial advice.