Gold Soars Near Record as Middle East Crisis Pushes Oil Above $110
1. MARKET OVERVIEW TABLE
| Commodity | Price | 24h Change | 7d Change | Spot Price |
|---|---|---|---|---|
| Gold (per oz) | $5,220 | +0.8% | +4.5% | $5,220 |
| Silver (per oz) | $115.50 | +1.2% | +3.8% | $115.50 |
| Crude Oil WTI (per barrel) | $99.64 | +5.16 (+5.46%) | +8.2% | $99.64 |
| Crude Oil Brent (per barrel) | $112.60 | +4.56 (+4.22%) | +9.1% | $112.60 |
| Natural Gas (per MMBtu) | $3.095 | +0.096 (+3.20%) | +5.8% | $3.095 |
Vibe: Bullish sentiment dominates across energy and precious metals markets as supply disruptions from Middle East conflict and Russia export constraints create significant upside pressure, with traders monitoring ceasefire talks and IEA emergency stockpile releases.
2. PRECIOUS METALS PERFORMANCE
🟢 Top Gainers
| Commodity | Price | Change | % | Exchange |
|---|---|---|---|---|
| Gold | $5,220/oz | +$45 | +0.87% | LBMA |
| Silver | $115.50/oz | +$1.35 | +1.18% | LBMA |
| Platinum | $1,045/oz | +$18 | +1.75% | NYMEX |
| Palladium | $1,120/oz | +$28 | +2.56% | NYMEX |
| Copper | $4.65/lb | +$0.08 | +1.75% | LME |
| Zinc | $1.45/lb | +$0.04 | +2.84% | LME |
🔴 Top Losers
| Commodity | Price | Change | % | Exchange |
|---|---|---|---|---|
| Nickel | $8.92/lb | -$0.15 | -1.65% | LME |
| Lead | $0.98/lb | -$0.03 | -2.97% | LME |
| Aluminum | $1.08/lb | -$0.02 | -1.82% | LME |
3. ENERGY COMMODITIES
🟢 Top Gainers
| Commodity | Price | Change | % | Exchange |
|---|---|---|---|---|
| WTI Crude | $99.64/bbl | +$5.16 | +5.46% | NYMEX |
| Brent Crude | $112.60/bbl | +$4.56 | +4.22% | ICE |
| Natural Gas | $3.095/MMBtu | +$0.096 | +3.20% | NYMEX |
| Heating Oil | $4.496/gal | +$0.222 | +5.20% | NYMEX |
| Gasoline (RBOB) | $3.250/gal | +$0.120 | +3.83% | NYMEX |
🔴 Top Losers
| Commodity | Price | Change | % | Exchange |
|---|---|---|---|---|
| No significant losers in energy sector today |
4. KEY COMMODITIES DETAILED
Gold
- Price: $5,220 per troy ounce
- 24h Change: +$45 (+0.87%)
- 7d Change: +$224 (+4.48%)
- 30d Change: +$418 (+8.71%)
- Trading Volume: Elevated, above 30-day average
- Key Levels: Support at $5,100; Resistance at $5,405 (ATH)
- Note: Gold gained 5% in February on dip buying, dollar weakness and softer US Treasury yields. ETF inflows of $5.3bn (+26t) in February. Record high of $5,405/oz set on January 29, 2026.
Silver
- Price: $115.50 per troy ounce
- 24h Change: +$1.35 (+1.18%)
- 7d Change: +$4.25 (+3.82%)
- 30d Change: +$7.80 (+7.24%)
- Trading Volume: Moderate, near average
- Key Levels: Support at $112; Resistance at $118
Crude Oil (WTI)
- Price: $99.64 per barrel
- 24h Change: +$5.16 (+5.46%)
- 7d Change: +$7.54 (+8.18%)
- 30d Change: +$18.50 (+22.79%)
- Trading Volume: High, above 90-day average
- OPEC+ Stance: Production quotas remain unchanged as members monitor Middle East conflict impact; emergency discussions ongoing regarding supply shortfall
Crude Oil (Brent)
- Price: $112.60 per barrel
- 24h Change: +$4.56 (+4.22%)
- 7d Change: +$9.35 (+9.05%)
- 30d Change: +$22.10 (+24.40%)
- Trading Volume: Very high, near 180-day peak
- Note: Trading above $110 as Strait of Hormuz closure enters fourth week
5. 52-WEEK / ALL-TIME LEVELS
New Highs Today
- Natural Gas: $3.095 (new 52-week high)
Near Highs
| Commodity | Price | 52W/ATH High | Gap |
|---|---|---|---|
| Gold | $5,220 | $5,405 (ATH) | -$185 (-3.43%) |
| Brent Crude | $112.60 | $115.80 (52W) | -$3.20 (-2.76%) |
| WTI Crude | $99.64 | $104.20 (52W) | -$4.56 (-4.38%) |
| Natural Gas | $3.095 | $3.145 (52W) | -$0.05 (-1.59%) |
New Lows Today
- No new lows recorded today
6. WHAT DROVE THE MARKET - DETAILED BREAKDOWN
Geopolitical Events
- Middle East Conflict: War in Iran entered second month with Strait of Hormuz remaining closed to most tanker traffic for nearly four weeks, choking 20% of global oil supply
- Ukraine Drone Campaign: Ukrainian strikes knocked out 40% of Russia’s oil export capacity, targeting key Baltic hubs including Primorsk (1+ million bpd) and Ust-Luga
- Black Sea Escalation: Second tanker hit in weeks as drone strikes on Russian oil cargo continue, adding to supply constraints
OPEC+ Decisions
- Production quotas unchanged as alliance monitors supply disruption impact
- Emergency discussions ongoing regarding potential production increase if crisis persists
- Saudi Arabia advocating for extension of Iran war as Brent tops $100, according to reports
US Dollar Strength
- Dollar index showing temporary resilience after avoiding technical breakdown in January
- World Gold Council expects medium-term dollar downtrend to resume, supporting gold prices
- Dollar weakness against emerging market currencies contributed to gold’s February gains
Economic Data
- US economic surprises supporting dollar near-term bounce
- Concerns over prolonged oil shock’s impact on global growth weighing on risk sentiment
- Goldman Sachs warning oil shock will hit jobs
Supply Chain Issues
- Strait of Hormuz blockage preventing normal tanker passage for ~30 days
- Russia’s Transneft struggling to redirect crude volumes away from disabled Baltic ports
- Shipping constraints forcing Asian refiners to consider cutting processing rates
- Cyclone causing outages at Australia’s top LNG projects
Weather Events
- Cyclone-related disruptions at Australian LNG facilities
- Seasonal factors contributing to natural gas demand in parts of Northern Hemisphere
China Demand
- LNG imports set to crash to 8-year low due to soaring prices, according to OilPrice.com
- Asian countries restricting fuel exports as supply crunch deepens
- Shanghai Futures exchange showing elevated volumes, indicating strong Asian buying interest in gold
India-Specific Factors
- Government reduced central excise duty on petrol and diesel by 10 rupees ($0.11) per liter
- Export duties imposed on diesel ($0.23 per liter) and jet fuel ($0.31 per liter)
- India depends on Middle East for 50% of crude imports; 90% of LPG imports transit Strait of Hormuz
- LPG supply shortages causing consumption slump; commercial supplies cut to preserve household fuel
- India snaps up 60 million barrels of Russian crude for April delivery
7. SPECIAL MENTIONS
EIA Weekly Petroleum Status Report
- US crude oil, product inventories rose in latest report
- Strategic petroleum reserves coordinated with IEA emergency release
CME Commitment of Traders (COT) Report
- Managed money net long positions on COMEX gold contracted sharply in early February, recovering toward month-end
- Oil futures positioning shows bullish sentiment amid supply fears
SPDR Gold Shares (GLD) ETF Flows
- Gold ETFs added US$5.3bn to assets in February (+26t)
- Led by North America and Asia; Europe saw outflows of US$1.8bn (-13t)
iShares Silver Trust (SLV) ETF Flows
- Inflows tracking gold but at lower magnitude as silver’s industrial exposure moderates gains
US Energy Information Administration (EIA) Data
- IEA launched record 400-million-barrel emergency oil release to cover supply gap
- Analysts note strategic stocks cover only four weeks of Gulf disruption
8. TECHNICAL LEVELS
Gold
- Support: $5,100 (minor), $4,980 (major)
- Resistance: $5,350 (minor), $5,405 (ATH - major)
- Key Moving Averages: 50-day: $5,045; 200-day: $4,890
Silver
- Support: $112.00 (minor), $108.50 (major)
- Resistance: $118.00 (minor), $121.50 (major)
- Key Moving Averages: 50-day: $110.20; 200-day: $104.80
WTI Crude
- Support: $96.50 (minor), $92.00 (major)
- Resistance: $102.00 (minor), $104.20 (52W high)
- Key Moving Averages: 50-day: $88.40; 200-day: $78.90
Brent Crude
- Support: $109.50 (minor), $105.00 (major)
- Resistance: $115.80 (52W high), $120.00 (psychological)
- Key Moving Averages: 50-day: $98.20; 200-day: $86.50
9. SUMMARY
Commodity markets displayed strong bullish performance today, led by surging crude oil prices with Brent trading above $112 and WTI approaching $100 per barrel. The primary driver remains the ongoing Middle East conflict that has closed the Strait of Hormuz for nearly a month, choking approximately 20% of global oil supply. This supply disruption was compounded by Ukrainian drone strikes that knocked out 40% of Russia’s oil export capacity, including critical Baltic hubs Primorsk and Ust-Luga. Natural gas prices hit a new 52-week high, supported by cyclone-related outages at Australian LNG projects and strong demand.
Precious metals also rallied, with gold trading just 3% below its all-time high of $5,405 set in late January. Silver gained over 1%, while platinum and palladium showed strength. Gold’s performance was supported by continued ETF inflows, dollar weakness against emerging market currencies, and softer US Treasury yields. The metal gained 5% in February and is up 20% year-to-date according to World Gold Council data.
India took decisive action to protect consumers from soaring global oil prices, cutting fuel taxes by 10 rupees per liter while imposing export duties to ensure domestic supply availability. The country remains particularly vulnerable, depending on the Middle East for half of its crude imports, with 90% of LPG imports transiting the now-blocked Strait of Hormuz.
Analysts at Macquarie Group warned oil prices could hit $200 per barrel if the war extends through the second quarter, while Wood Mackenzie noted diesel and jet fuel prices could reach $200-$250 under prolonged disruption scenarios. The IEA’s 400-million-barrel emergency release is expected to cover only about four weeks of Gulf disruption, keeping markets focused on ceasefire negotiations and the timeline for reopening the Strait of Hormuz.
Details for information purposes only. Don’t treat this as financial advice.