It has been over 60 days since the outbreak of the conflict in Iran. Although the ceasefire agreement still holds, peace negotiations between the United States and Iran have made little progress. The market's risk sentiment continues to build, exacerbating concerns about inflation, and on the 28th, oil prices soared to their highest levels since the ceasefire.
US-Iran negotiations remain deadlocked, and Brent crude oil futures surged past $110.
As of the close on the 28th, June delivery light crude oil futures on the New York Mercantile Exchange rose by $3.56, settling at $99.93 per barrel, an increase of 3.69%. June delivery Brent crude oil futures on the London exchange rose by $3.03, closing at $111.26 per barrel (approximately RM439.39), up 2.80%.
Precious metal prices plunge
Affected by the situation in the Middle East, international gold and silver prices continued to fall on the 28th.
On the New York Mercantile Exchange, June gold futures once fell below $4,600 per ounce, dropping more than 2%; May silver futures once dropped below $73 per ounce, with a decline close to 3%.
Analysts pointed out that with the war disrupting traffic, the Strait of Hormuz has entered a "dual blockade" mode by the US and Iran, leading to a severe interruption in global oil supply and continued rise in oil prices, exacerbating inflation risks. The market generally expects that central banks in various countries will maintain relatively high interest rates for a longer period, putting further pressure on precious metal prices.