Goldman Sachs says its end-2026 gold price forecast of $4,900/oz carries net upside risk but expects greater two-way volatility en route.

Al Mayadeen, citing a senior Iranian security and political source, reported Trump is seeking to return to negotiations with Iran. The source said Iran’s hardliners have concluded escalating military pressure will ultimately fail and that Tehran’s recent battlefield and military signals have already been priced by global energy markets; oil has reached $110/bbl and could rise further. The source listed as escalation signals strikes on regional US bases, a successful new anti-ship missile test, the Revolutionary Guard’s claim it captured an advanced US submarine, and Iran’s continuing closure of the Strait of Hormuz — the source said the latter two would further affect oil. The source added Trump is seeking to re-enter talks to secure a modest reduction in oil prices, but negotiations are possible only if the US accepts Iran’s conditions.

Ebrahim Azizi, head of Iran’s parliamentary national security committee, said there will be no negotiations and that talks are meaningless unless Iran’s conditions are met.