Weekend escalation in US-Iran hostilities pushed oil higher and undercut gold as
markets priced to a greater likelihood the Fed may need to raise rates to curb
inflation. Gold, down more than 2% last week, trades around $3,995/oz. Attacks
including a strike on a key Kuwait oil facility and reported targeting of
vessels transiting the Strait of Hormuz lifted oil prices; Tehran said a US-Iran
ceasefire is effectively void, heightening concern about deeper disruptions to
energy flows through the waterway.
