ING analysts Warren Patterson and Ewa Manthey say Oil remains volatile as Iran-related risks and supply disruptions in the Persian Gulf keep prices in wide ranges. They highlight a fresh US waiver allowing Russian Oil floating at sea to be sold for another 30 days, which should help Asian buyers.

Deutsche Bank’s Henry Allen notes that despite the Iran conflict and higher long-dated Oil prices, risk assets and equities have remained resilient as the Brent curve stays heavily backwardated.

Silver (XAG/USD) remains under pressure on Tuesday and trades around $76.00 at the time of writing, down 2.13% on the day.

Gold (XAU/USD) trades on the back foot on Tuesday as traders closely monitor developments surrounding the US-Iran negotiations and amid a broad macroeconomic background linked to the prolonged conflict that continues to weigh on the precious metal.

Gold price (XAU/USD) trades 0.55% lower at around $4,540 during the European trading session on Tuesday. The yellow metal faces selling pressure as United States (US) Treasury Yields remain broadly firm due to expectations that the Federal Reserve (Fed) will not cut interest rates this year.

Rabobank’s Senior Macro Strategist Bas van Geffen notes that Oil remains directionless as the Gulf conflict oscillates between negotiation and potential escalation.

A spokesperson from Qatar’s Foreign Ministry said that communication between leaders in the region is ongoing and with conflict parties to prevent a return to escalation.

ING’s Warren Patterson and Ewa Manthey report that Copper on the LME is extending losses as inflation concerns linked to the Iran conflict, weaker Chinese data and a firmer US Dollar (USD) weigh on industrial demand expectations.

Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data. Silver trades at $75.95 per troy ounce, down 2.28% from the $77.73 it cost on Monday.

West Texas Intermediate (WTI), futures on NYMEX, is up 0.7% higher to near $102.75 during the European trading session on Tuesday.

Danske Research Team reports that Brent Crude slipped about 2% to USD 109.8 per barrel after President Trump paused a large-scale strike on Iran to allow negotiations.

Rabobank’s Michael Every and Joe DeLaura argue that the Iran War could accelerate a shift from unified Oil markets towards Balkanised pricing and settlement blocs.

Gold prices fell in India on Tuesday, according to data compiled by FXStreet.

West Texas Intermediate (WTI) oil price gains ground for the fourth consecutive day, trading around $102.20 per barrel during the Asian hours on Tuesday.

Silver (XAG/USD) attracts some sellers following a modest Asian session uptick to the $79.00 neighborhood and drops to a fresh daily low in the last hour.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $101.85 during the early Asian trading hours on Tuesday. The WTI price declines after US President Donald Trump said he was holding off a military attack on Iran planned for Tuesday at the request of Gulf states.

US President Donald Trump said that the United States (US) would be “probably satisfied” if it could reach an agreement with Iran that prevents Tehran from obtaining a nuclear weapon, the Guardian reported on Monday.

Gold price (XAU/USD) recovers some lost ground from a one-and-a-half-month low to around $4,565 during the early Asian session on Tuesday. The precious metal edges higher amid a weaker US Dollar (USD).

Gold (XAU/USD) price steadies on Monday after reaching a daily low beneath $4,500, as the US Dollar is on the back foot amid fears that the energy shock spurred by the Middle East conflict could trigger a second wave of inflation.

Rumors about the US-Iran conflict emerged during the last minutes. Axios reported Iran’s last proposal to the US is seen by the White House as “insufficient for a deal,” according to a Senior US official.

Central banks are expected to increase their Gold purchases in 2026, analysts at Goldman Sachs say, supporting a much-needed boost to the precious metal toward the end of the year. 

ING strategists Warren Patterson and Ewa Manthey report renewed strength in European gas, with TTF breaking above EUR50/MWh as Middle East risks persist.

Silver (XAG/USD) trades around $76.55 on Monday, up 0.80% on the day at the time of writing, as the white metal stabilizes after last week’s heavy sell-off.

BNY's Bob Savage highlights that the Iran conflict, a drone attack in the United Arab Emirates (UAE) and refinery constraints are pushing Brent toward $110, with fears of airline shutdowns and refinery limits.

Gold (XAU/USD) is trading flat above $4,500 on Monday, stabilising after a four-day sell-off from $4,770. Investors await developments in the Middle East conflict as a spokesperson for the Iranian Foreign Ministry affirmed earlier on the day that the US-Iran talks are ongoing.

Oil markets remain on alert after new comments from International Energy Agency (IEA) Executive Director Fatih Birol, reported by Reuters on Monday.

Silver prices (XAG/USD) rose on Monday, according to FXStreet data. Silver trades at $76.02 per troy ounce, up 0.11% from the $75.94 it cost on Friday.

Crude Oil prices are giving away previous daily gains in the early European session on Monday.

Rabobank’s Global Daily highlights that the Strait of Hormuz remains functionally closed, with global crude and refined product stocks rapidly drawing down.

OCBC’s Christopher Wong reports sharp corrections in Gold and Silver as higher yields and a stronger Dollar overwhelmed safe-haven demand. Silver underperformed after a prior high-beta rally linked to industrial metals and AI-related risk appetite.