Commodity Corner: Oil Spikes as Strait of Hormuz Closure Threatens Global Energy Supply; Gold Plummets to Six-Month Low

Commodity markets experienced a tumultuous session on June 11, as investors grappled with intensifying geopolitical tensions in the Middle East, fluctuations in the US dollar, and shifting global demand outlooks.

Crude oil prices skyrocketed by over $2 a barrel following Iran's announcement to close the Strait of Hormuz, a critical global energy shipping route, in response to fresh US strikes on Iranian targets. Brent crude futures surged $2.30, or 2.5 percent, to $95.40 a barrel, while US West Texas Intermediate (WTI) crude gained $2.60, or 2.9 percent, to $92.63 a barrel. Earlier in the session, US crude futures had jumped more than $3.

In the precious metals segment, gold extended its decline and touched a more than six-month low. Rising oil prices, fueled by the latest developments in the Middle East, heightened concerns over inflationary pressures and the possibility of interest rates remaining elevated for longer. Spot gold slipped 0.2 percent to $4,063.87 per ounce after hitting its lowest level since November 21. US gold futures for August delivery fell 1.1 percent to $4,086.50 per ounce.

Other precious metals also remained under pressure. Silver declined 1.3 percent to $62.55 per ounce, while platinum traded lower. Palladium, however, was largely unchanged.

In the currency market, the US dollar wobbled on Thursday as new US strikes in the Middle East undermined sentiment, while a surge in May US consumer inflation to a three-year high kept investors uneasy about the Federal Reserve's monetary policy outlook.

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