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Oil Prices Surge 13% as U.S.-Israel Strikes on Iran Spark Supply Fears 
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Gold prices jumped more than 2% during Asian trading on Monday as investors flocked to safe-haven assets following major U.S. and Israeli airstrikes on Iran. The attacks reportedly killed Iran’s Supreme Leader, Ayatollah Ali Khamenei, dramatically escalating tensions in the Middle East and rattling global financial markets.
Spot gold climbed 2.1% to $5,387.55 per ounce by 18:56 ET (23:56 GMT), marking its highest level since late January. U.S. gold futures advanced 2.8% to $5,394.91. The sharp rally reflects growing investor anxiety over geopolitical risks and potential disruptions to global oil supplies, particularly through the Strait of Hormuz, a vital energy shipping route.
The latest escalation saw Israeli forces launch fresh strikes on Tehran, targeting military command centers and air defense systems. In response, Iran reportedly fired missiles toward Israeli territory and U.S. military bases in the Gulf region. This intensifying conflict triggered a broad risk-off sentiment across global markets, pressuring equities while pushing crude oil prices higher and strengthening demand for bullion as a store of value.
Market analysts suggest that gold could test key resistance levels at $5,400 per ounce, followed by the late-January record high of $5,595. Some forecasts even point to a potential move toward $6,000 per ounce by year-end if geopolitical tensions persist and safe-haven flows accelerate.
Gold prices have surged nearly 25% year-to-date, supported by ongoing geopolitical uncertainty, strong central bank gold purchases, robust retail demand, and expectations of Federal Reserve interest rate cuts.
Other precious metals also posted gains. Silver rose 1.3% to $95.15 per ounce, while platinum edged up 0.3% to $2,396.11 per ounce, reflecting broader strength across the commodities market amid heightened global instability.
