Crude Oil Prices Mixed as Hormuz Crisis Persists; Natural Gas Declines
1. MARKET OVERVIEW TABLE
| Commodity | Price | 24h Change | 7d Change | Spot Price |
|---|---|---|---|---|
| Gold (per ounce) | $2,095.30 | +$12.40 (+0.59%) | +$35.20 (+1.71%) | $2,092.85 |
| Silver (per ounce) | $24.15 | +$0.42 (+1.77%) | +$0.68 (+2.90%) | $24.08 |
| Crude Oil WTI (per barrel) | $94.55 | -$1.66 (-1.73%) | +$2.35 (+2.55%) | $94.55 |
| Crude Oil Brent (per barrel) | $103.60 | +$0.22 (+0.21%) | +$3.80 (+3.80%) | $103.60 |
| Natural Gas (per MMBtu) | $2.953 | -$0.080 (-2.64%) | -$0.127 (-4.13%) | $2.953 |
Vibe: Mixed sentiment across commodities with energy markets showing divergent performance amid ongoing Middle East tensions.
2. PRECIOUS METALS PERFORMANCE
🟢 Top Gainers
| Commodity | Price | Change | % | Exchange |
|---|---|---|---|---|
| Gold | $2,095.30 | +$12.40 | +0.59% | COMEX |
| Silver | $24.15 | +$0.42 | +1.77% | COMEX |
| Platinum | $978.50 | +$8.75 | +0.90% | NYMEX |
🔴 Top Losers
| Commodity | Price | Change | % | Exchange |
|---|---|---|---|---|
| Palladium | $1,012.40 | -$15.30 | -1.49% | NYMEX |
| Copper | $4.32 | -$0.03 | -0.69% | LME |
| Aluminum | $2,465.00 | -$22.50 | -0.91% | LME |
| Zinc | $2,845.00 | -$18.00 | -0.63% | LME |
| Nickel | $17,850.00 | -$135.00 | -0.75% | LME |
| Lead | $2,125.00 | -$8.50 | -0.40% | LME |
3. ENERGY COMMODITIES
🟢 Top Gainers
| Commodity | Price | Change | % | Exchange |
|---|---|---|---|---|
| Brent Crude | $103.60 | +$0.22 | +0.21% | ICE |
| Gasoline | $3.139 | +$0.016 | +0.51% | NYMEX |
🔴 Top Losers
| Commodity | Price | Change | % | Exchange |
|---|---|---|---|---|
| WTI Crude | $94.55 | -$1.66 | -1.73% | NYMEX |
| Natural Gas | $2.953 | -$0.080 | -2.64% | NYMEX |
| Heating Oil | $2.875 | -$0.045 | -1.54% | NYMEX |
4. KEY COMMODITIES DETAILED
Gold
- Price: $2,095.30 per ounce
- 24h Change: +$12.40 (+0.59%)
- 7d Change: +$35.20 (+1.71%)
- 30d Change: +$68.50 (+3.38%)
- Trading Volume: 245,000 contracts (COMEX)
- Key Levels: Support at $2,080, Resistance at $2,115
Silver
- Price: $24.15 per ounce
- 24h Change: +$0.42 (+1.77%)
- 7d Change: +$0.68 (+2.90%)
- 30d Change: +$1.42 (+6.25%)
- Trading Volume: 78,500 contracts (COMEX)
- Key Levels: Support at $23.80, Resistance at $24.40
Crude Oil (WTI)
- Price: $94.55 per barrel
- 24h Change: -$1.66 (-1.73%)
- 7d Change: +$2.35 (+2.55%)
- 30d Change: +$5.85 (+6.60%)
- Trading Volume: 312,000 contracts (NYMEX)
- OPEC+ Stance: Maintaining current production levels amid supply concerns
Crude Oil (Brent)
- Price: $103.60 per barrel
- 24h Change: +$0.22 (+0.21%)
- 7d Change: +$3.80 (+3.80%)
- 30d Change: +$7.20 (+7.47%)
- Trading Volume: 268,000 contracts (ICE)
5. 52-WEEK / ALL-TIME LEVELS
New Highs Today
- None
Near Highs
| Commodity | Price | 52W/ATH High | Gap |
|---|---|---|---|
| Brent Crude | $103.60 | $108.50 | -$4.90 (-4.51%) |
| Gold | $2,095.30 | $2,135.00 | -$39.70 (-1.86%) |
New Lows Today
- None
6. WHAT DROVE THE MARKET - DETAILED BREAKDOWN
Geopolitical Events
The Strait of Hormuz remains a critical focal point for energy markets as only 90 ships have successfully crossed since regional tensions escalated. Libya’s Sharara oil field experienced a fire incident, triggering an oil flow reroute and adding to supply concerns. Iraq and Kurdistan reached an agreement to restart a key oil pipeline, potentially easing some regional supply constraints.
OPEC+ Decisions
OPEC+ continues to monitor market conditions and has maintained current production output levels. The group appears to be balancing supply concerns with demand outlook amid ongoing geopolitical uncertainties.
US Dollar Strength
The US dollar index showed mixed movement, providing some support for dollar-denominated commodities. Federal Reserve policy and interest rate expectations continue to influence commodity pricing dynamics.
Economic Data
Recent economic indicators have shown mixed signals, with inflation reports suggesting moderated price pressures in some sectors while employment data remains relatively stable. These factors contribute to cautious sentiment across commodity markets.
Supply Chain Issues
The world’s largest single-site aluminum smelter in the Middle East reduced output by approximately 20% due to shipping disruptions, contributing to supply concerns in the base metals sector.
Weather Events
No major weather events significantly impacted commodity production or transportation over the past week, although market participants continue to monitor seasonal patterns affecting agricultural commodities.
China Demand
Chinese oil companies reportedly returned to Russian crude markets following US sanctions waivers, potentially shifting global crude oil flows. China’s metals exchanges saw record trading volume in January, indicating continued strong demand from Asian markets.
India-Specific Factors
India’s refiners are navigating the impact of elevated oil prices amid the Hormuz crisis. The country has increased imports of Russian crude following US waiver provisions, helping to manage input costs. RBI’s gold purchases continue at a measured pace as central banks globally accumulate reserves.
7. SPECIAL MENTIONS
- EIA Weekly Petroleum Status Report: Showed a surprise build in US crude oil inventories, providing some downward pressure on WTI prices.
- CME Commitment of Traders (COT) Report: Net long positions in crude oil futures declined slightly as some speculators reduced exposure amid volatility.
- SPDR Gold Shares (GLD) ETF: Recorded inflows of approximately 1.2 million ounces over the past week, reflecting continued investor interest in gold as a safe haven.
- iShares Silver Trust (SLV) ETF: Experienced modest inflows of 3.5 million ounces as investors increased exposure to precious metals.
- US Energy Information Administration (EIA) Data: Natural gas in storage stood at 2,145 Bcf, which is 12% above the five-year average for this time of year.
8. TECHNICAL LEVELS
Gold
- Support: $2,080, $2,060
- Resistance: $2,115, $2,135
- Key Moving Averages: 50-day MA at $2,058.20, 200-day MA at $2,018.40
Silver
- Support: $23.80, $23.50
- Resistance: $24.40, $24.75
- Key Moving Averages: 50-day MA at $23.45, 200-day MA at $22.85
WTI Crude
- Support: $93.00, $91.50
- Resistance: $96.00, $98.50
- Key Moving Averages: 50-day MA at $91.20, 200-day MA at $84.30
Brent Crude
- Support: $102.00, $100.50
- Resistance: $105.00, $108.50
- Key Moving Averages: 50-day MA at $100.80, 200-day MA at $92.40
9. SUMMARY
Commodity markets displayed mixed performance on March 18, 2026, with energy prices showing divergent movements amid ongoing geopolitical tensions in the Middle East. Brent crude oil edged modestly higher to $103.60 per barrel, supported by continued supply concerns related to the Strait of Hormuz disruption and Libya’s Sharara field incident. In contrast, WTI crude declined by 1.73% to $94.55, influenced by a surprise build in US crude inventories reported by the EIA. Natural gas prices fell 2.64% to $2.953 per MMBtu as storage levels remain above historical averages. Precious metals maintained strength, with gold rising 0.59% to $2,095.30 per ounce and silver gaining 1.77% to $24.15, benefiting from safe-haven demand and continued central bank purchases. Base metals faced some pressure, particularly aluminum which saw production cuts at a major Middle Eastern smelter due to shipping disruptions. The overall market sentiment remains cautious as investors monitor developments in the Middle East, OPEC+ production policies, and global economic indicators.
Details for information purposes only. Don’t treat this as financial advice.