WTI crude oil is surging amid escalating geopolitical tensions, with Israel’s recent strikes on Iran fueling a rally that pushed prices above the $74.00 handle on Friday.

Gold price rallied for the third consecutive day after the Israel-Iran conflict erupted on Friday, triggering a risk-off mood in financial markets as fears that it could escalate loom. At the time of writing, XAU/USD trades at $3,422, up more than 1%.

United States Baker Hughes US Oil Rig Count fell from previous 442 to 439

The mood on the European gas market remains nervous: the next futures contract for the reference price TTF is now trading 5% higher than Tuesday's low, Commerzbank's commodity analyst Barbara Lambrecht notes.

Gold (XAU/USD) appreciates for the third consecutive day on Friday, and is on track for a weekly rally beyond 3%.

The Gold price rose to $3,445 per troy ounce overnight in response to Israel's attacks on Iran, the highest level since the record high almost two months ago, Commerzbank's commodity analyst Carsten Fritsch notes.

In its latest monthly report, the US Energy Information Administration (EIA) has revised its forecast for US Oil production downwards, Commerzbank's commodity analyst Carsten Fritsch notes.

In response to Israel's attacks on Iran, the price of Gold also jumped, albeit without reaching a new record high, Commerzbank's commodity analysts Barbara Lambrecht and Carsten Fritsch notes.

Gold resumes its upward trajectory after holding key support levels, now challenging recent highs with upside targets in sight, Société Générale's FX analysts note.

Gold (XAU/USD) is trading in a strong uptrend after Israel’s attack on Iran. The strikes were reported on Friday morning, two days before Iran and the United States (US) were expected to hold the sixth round of talks over Tehran’s nuclear program in Oman on Sunday.

Oil prices have rallied beyond 7% so far today, boosted by growing concerns of a full-blown war in the Middle East that would ignite an already volatile region and cause a severe disruption in global Oil supply.Israel attacked Iran with unprecedented strength earlier today, hitting key nuclear sites

Silver prices (XAG/USD) broadly unchanged on Friday, according to FXStreet data.

Silver (XAG/USD) struggled to capitalize on the previous day's recovery from the $35.45 area, or the weekly low and witnessed a good two-way price move through the first half of the European session.

West Texas Intermediate (WTI) Oil price pared its daily gains after reaching a five-month high of $74.40, currently trading around $71.80 per barrel during European hours on Friday. Crude Oil prices surged due to rising concerns regarding supply disruptions.

West Texas Intermediate (WTI) Oil price advances on Friday, early in the European session. WTI trades at $71.51 per barrel, up from Thursday’s close at $67.58.Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $69.71 price posted on Thursday, and trading at $73.48.

Gold prices rose in India on Friday, according to data compiled by FXStreet.

Gold price (XAU/USD) continues scaling higher for the third consecutive day on Friday, rising to the $3,444 area, or its highest level since April 22 during the Asian session amid the global flight to safety.

Gold price rallies for the second straight day, shy of testing the $3,400 figure following the release of softer inflation and jobs data in the United States (US) as geopolitical tensions grow in the Middle East. The XAU/USD trades at $3,386 at the time of writing.

West Texas Intermediary (WTI) is trading lower in the American session on Thursday, erasing a portion of gains from the prior session. 

Gold (XAU/USD) has emerged as a key beneficiary of US Dollar (USD) weakness, a theme that is expected to drive prices on Thursday.

Silver prices (XAG/USD) fell on Thursday, according to FXStreet data.

West Texas Intermediate (WTI) Oil price pulled back from a two-month high of $67.82, currently trading around $66.50 per barrel during the early European hours on Thursday.

West Texas Intermediate (WTI) Oil price falls on Thursday, early in the European session. WTI trades at $66.53 per barrel, down from Wednesday’s close at $67.20.

Gold prices rose in India on Thursday, according to data compiled by FXStreet.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $67.00 during the Asian trading hours on Thursday. The WTI price climbs to near two-month highs amid heightened geopolitical tensions in the Middle East.

Gold prices posted modest gains of over 0.22% on Wednesday as the latest inflation report in the United States (US) revealed that prices are cooling. Hence, investors increased their bets that the Federal Reserve (Fed) would resume its easing cycle in September. The XAU/USD trades at $3,327.

West Texas Intermediate (WTI) crude oil is rallying on Wednesday, climbing more than 2% intraday as markets react positively to renewed momentum in US–China trade negotiations and a larger-than-expected drop in US crude inventories.

China's export growth slowed more sharply than most analysts had expected in May. Apparently, the 90-day moratorium on most tariffs has not been as effective as anticipated, Commerzbank's commodity analyst Carsten Fritsch notes.

United States EIA Crude Oil Stocks Change below forecasts (0.1M) in June 6: Actual (-3.644M)

Silver prices are easing on Wednesday, retreating from multi-year highs as bullish momentum fades and traders lock in profits.