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Iran has renewed military strikes against Gulf states following another round of US air operations, escalating one of the most consequential geopolitical flashpoints of 2026. Traders are repositioning fast across crude oil, gold, the dollar and regional equity markets.
Crude oil surged 2% to its highest level in a month after escalating US-Iran military exchanges raised serious concerns about Persian Gulf supply routes. Here is what is driving the move and what traders need to watch next.
Crude oil shed more than 1% on Wednesday as markets held their breath over the dual uncertainty of Iran-US diplomatic negotiations and incoming US labour market data that could reshape the Federal Reserve's rate trajectory.
Crude oil fell sharply as renewed optimism around a potential Iran nuclear deal threatened to unlock millions of barrels of supply, while Treasury yields edged lower ahead of incoming Federal Reserve chair Kevin Warsh's first major policy appearance.