Yesterday, Iran announced that it had deployed naval mines in the Strait of Hormuz to threaten disruption of more than 20% of the global oil supply that passes through this strait.
But this threat lasted less than 24 hours before the International Energy Agency (IEA) issued a statement saying it would consider releasing the largest amount of strategic oil reserves ever — a figure that could even exceed the volume released during the Russia–Ukraine war in 2022.
Immediately, oil prices dropped sharply back to below $83 per barrel, nearly blocking Iran’s path of retaliation through its energy resources.
In addition, Iran’s threat losing its effectiveness, along with Donald Trump’s statement that the war will soon come to an end, has supported the market’s recovery and capital flows are returning to gold — pushing gold to break the strong resistance level at 5200 and rise to 5237$/ounce.
In the short term, if nothing changes, the war will end soon and the market will stabilize again, giving the stage back to economic and inflation data.
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