Silver (XAG/USD) sticks to its modest intraday gains during the early European session on Monday and currently trades just below the $57.00 mark, up over 1.50% for the day.

Oil prices jumped on Monday as US and Iran hostilities escalated, threatening an all-out war, which keeps the Strait of Hormuz closed for sea traffic.

ING analysts Warren Patterson and Ewa Manthey note that Brent Oil has broken above US$90 as escalating conflict in the Persian Gulf and potential chokepoint closures disrupt vessel flows.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – kicks off the new week on a positive note and touches a fresh high since June 12, around the $84.40-$84.45 region, during the Asian session.

Gold (XAU/USD) reverses a modest Asian session dip to the $3,983-$3,982 area and is now looking to build on Friday's bounce from the monthly low. The intraday uptick is sponsored by a softer US Dollar (USD), which tends to benefit the commodity.

TradingKey - As of the Asian session on July 20, Brent crude ( UKOIL) opened higher and moved higher today, attempting to break through the $90 mark during intraday trading, reaching a high of $91.42.

TradingKey - As of the early Asian session on July 20, international oil prices opened significantly higher, with WTI crude ( USOIL) rising 2.21%, peaking at $84.60; Brent crude ( UKOIL) rising 2.27%,

Gold price (XAU/USD) falls to around $4,000 during the early Asian trading hours on Monday. The precious metal hovers around the psychological level in recent weeks after losing 14% in the second quarter (Q2), its worst showing since 2013.

Silver price recovered some ground on Friday, up 0.84%, but it is poised to finish the week down over 6.50%. At the time of writing, XAG/USD trades at $56.00 per troy ounce, after reaching a new year-to-date (YTD) low of $54.77.

Gold edges higher by some 0.92% on Friday as the US-Iran conflict boosted energy prices, which ultimately drive inflation higher, increasing expectations that the Federal Reserve (Fed) might need to raise interest rates.

United States Baker Hughes US Oil Rig Count above forecasts (446): Actual (452)

West Texas Intermediate (WTI) trades around $81.10 at the time of writing on Friday, up 2.76% on the day, and is heading for a weekly gain of more than 13% as geopolitical tensions in the Middle East continue to escalate.

Commerzbank’s commodity team highlights renewed geopolitical risks for Oil as Iran again threatens to block the Strait of Bab al-Mandab, a key route for Saudi exports rerouted from the Strait of Hormuz.

Thu Lan Nguyen at Commerzbank notes that weaker United States (US inflation data briefly supported Gold, but the price has slipped back below USD 4,000 per troy ounce.

Tradingkey - On July 17, Eastern Time, the US-Iran conflict continued to escalate, with the two major crude oil futures rising again, returning to mid-June price levels. As of press time, WTI crude oi

Norman Liebke at Commerzbank expects European gas prices to remain high in the near term, even if the Strait of Hormuz reopens sustainably.

Gold (XAU/USD) holds firm on Friday but lacks bullish momentum as rising Oil prices revive inflation concerns and reinforce expectations that the Federal Reserve (Fed) could raise interest rates later this year.

Gold (XAU/USD) shows moderate gains on Friday, but remains close to the year-to-date lows, at the $3,940 area, with upside attempts capped below the $4,000 psychological level for now.

Silver prices (XAG/USD) fell on Friday, according to FXStreet data. Silver trades at $55.44 per troy ounce, down 0.17% from the $55.53 it cost on Thursday.

Silver (XAG/USD) trades around $55.50 at the time of writing on Friday, virtually unchanged on the day, but remains on track to post a weekly loss of nearly 7%.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – extends its sideways consolidative price moves for the fourth straight day and trades around the $79.00 mark through the first half of the European session on Friday.

Deutsche Bank’s Early Morning Reid notes Brent Oil trading around $85 per barrel, with prices slightly higher at $85.12/bbl and on course for a first close above $85 in over a month.

Silver price (XAG/USD) is down 0.8% to near $55.00 during the early European trading session on Friday. The white metal posted a fresh Year-To-Date (YTD) low at $54.77 earlier in the day.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $79.00 during the early European trading hours on Friday. The WTI heads for its biggest weekly advance since April as rising tensions in the Middle East raise fears of oil supply disruption. 

The Iranian Islamic Revolutionary Guards Corps (IRGC) said that no oil or gas will be exported through the Strait of Hormuz as long as US attacks continue, Tasnim news agency reported on Friday.

Gold (XAU/USD) attracts some buyers during the Asian session on Friday, reversing a part of the previous day's losses back closer to the monthly low. Any meaningful recovery, however, seems elusive amid a bearish fundamental backdrop.

West Texas Intermediate (WTI) – the benchmark US crude oil price – edges higher during the Asian session on Friday, though it remains confined within a multi-day-old range.

Iran has asked Yemen’s Houthi militia to stand ready to close the Red Sea oil route if the United States (US) strikes Iranian power infrastructure, posing a potent new threat to global energy supplies, Reuters reported on Thursday.

Gold price (XAU/USD) falls to near an eight-month low around $3,975 during the early Asian session on Friday. The precious metal extends its downside as rising tensions in the Middle East raise inflation concerns and reinforce expectations of elevated US interest rates.

West Texas Intermediate (WTI) Crude Oil is fading about one percent to just below $79.00 after a third consecutive failure at the $80.00 handle, where the 50-day Exponential Moving Average sits just above the figure and refuses to yield.