West Texas Intermediate (WTI) – the benchmark US Crude Oil price – gains strong positive traction at the start of a new week as renewed hostilities in the Gulf dampen hopes for a deal to end a three-month-old war.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed on Sunday to increase production by 188,000 barrels per day (bpd) in July despite the continued closure of the Strait of Hormuz.
Commerzbank, citing Metals Focus, notes that total Gold demand is forecast to fall 2% in 2026 as weaker jewelry demand and lower central bank buying offset stronger bar and coin investment.