Iran’s Islamic Revolutionary Guard Corps (IRGC) said it launched a joint operation with Lebanon's Hezbollah against targets in Israel, Jordan and Saudi Arabia.

Bahrain's Interior Ministry said on Thursday that Iran has targeted fuel tanks at a facility in Muharraq Governorate, one of Bahrain’s four administrative regions.

US intelligence showed that Iran's leadership is still mostly intact and is not at risk of collapse any time soon after over two weeks of nonstop US and Israeli bombardment, Reuters reported on Wednesday.

The US President Donald Trump administration plans to release 172 million barrels from the US emergency oil reserve as part of the coordinated effort by nations around the world to ease soaring crude and gasoline prices amid the Iran war, Bloomberg reported on Wednesday.

US President Donald Trump said on Wednesday that the US knocked out Iran's navy and leaders. Trump added that the International Energy Agency (IEA) decision to release oil from reserves will substantially reduce oil prices.

Naval drones have been used in at least two attacks on oil tankers in the Gulf region since war erupted between the United States (US), Israel and Iran, suggesting ‌a dangerous new threat in the key shipping lane, Reuters reported on Wednesday.

Gold (XAU/USD) prices edge lower on Wednesday amid broad US Dollar (USD) strength following the release of US inflation data, which maintained the status quo.

Silver (XAG/USD) trades lower on Wednesday, hovering around $85.30 at the time of writing, down 2.12% on the day. The precious metal struggles to extend its recent gains as a rebound in the US Dollar (USD) and higher US Treasury yields weigh on demand for non-yielding assets.

The International Energy Agency (IEA) announced that its 32 member countries unanimously agreed to make 400 million barrels of Oil from their emergency reserves available to the market, notes Reuters. The proposed move represents the largest coordinated release of strategic Oil reserves in history.

United States EIA Crude Oil Stocks Change above forecasts (1.1M) in March 6: Actual (3.824M)

Rabobank notes WTI has retreated from the near $120 spike but remains underpinned by curtailed Gulf output and limited rerouting capacity.

According to a draft copy of the Organization of the Petroleum Exporting Countries (OPEC) report seen by Reuters, the cartel left its forecasts for global Oil demand growth in 2026 and 2027 unchanged.

TD Securities' Senior Commodity Strategist Daniel Ghali highlights that unencumbered Copper inventories have fallen sharply year-to-date, leaving only 9.1 days of available supply versus 11.4 days at the start of the year.

OCBC strategists Christopher Wong and Sim Moh Siong highlight that Gold has extended its recovery as the Dollar and Oil prices retreat and risk sentiment stabilises on signs the Iran conflict may be nearing an end.

MUFG’s Head of Research Derek Halpenny reports that the IEA has proposed a record Oil reserve release of 300–400 million barrels, potentially covering 15–20 days of Strait of Hormuz flows and easing supply constraints for several weeks.

Gold (XAU/USD) trades with a mild downside bias on Wednesday, failing to build on the previous day’s gains as the US Dollar (USD) rebounds and Treasury yields edge higher ahead of the US inflation data at 12:30 GMT.

Brown Brothers Harriman’s (BBH) Elias Haddad notes that crude Oil prices are firmer as markets focus on security of shipping through the Strait of Hormuz.

According to Reuters, the International Energy Agency (IEA) is set to announce a recommendation regarding the potential release of emergency Oil reserves at 13:00 GMT. The move comes as governments seek to ease pressure on energy markets and contain rising fuel costs.

West Texas Intermediate (WTI) US Oil trades around $86.30 on Wednesday at the time of writing, up 1.20% on the day as markets remain focused on escalating geopolitical tensions in the Middle East and potential policy responses aimed at stabilizing global energy supply.

Deutsche Bank’s US economists flag February CPI as a key release for Federal Reserve expectations after the recent Oil shock delayed rate-cut pricing. They anticipate tariff-related strength in core goods and higher energy costs lifting headline inflation, while core CPI is seen steady.

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data. Silver trades at $86.96 per troy ounce, down 0.25% from the $87.18 it cost on Tuesday.

Deutsche Bank analysts describe a sharp reversal in Brent Oil as optimism over Iran-related supply risks grows. They highlight an -11% one-day drop in Brent, further weakness overnight, and swings driven by Saudi Aramco pipeline news, US political statements, and potential IEA reserve releases.

In a statement released on Wednesday, the G7 group of nations said that their energy ministers supported, in principle, the implementation of proactive measures to address the situation, including the use of strategic reserves, per Reuters.

Rabobank’s RaboResearch Global Economics & Markets team highlights that Oil prices are not fully reflecting escalating risks around the Strait of Hormuz, despite ongoing Iranian attacks on Gulf energy infrastructure and US strikes.

Commerzbank analysts highlight extreme swings in Brent and WTI as the Strait of Hormuz remains effectively closed, forcing key Middle Eastern producers to cut output by an estimated 6.7 million bpd.

West Texas Intermediate (WTI) Crude Oil prices struggle to build on the overnight bounce from sub-$76.00 levels, or the weekly low, and meet with a fresh supply during the Asian session on Wednesday. The commodity currently trades just below the $82.00 mark, down nearly 4% for the day.

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

The International Energy Agency (IEA) has proposed the largest release of oil reserves in its history in an effort to lower crude prices that have soared during the US-Israel conflict with Iran, the Wall Street Journal reported on Wednesday.

Silver (XAG/USD) trades with a positive bias for the fourth straight day on Wednesday, though it lacks bullish conviction and remains below a one-week high set the previous day. The white metal currently trades just below the $89.00 mark, up nearly 2% for the day, and seems poised to climb further.

West Texas Intermediate (WTI) crude oil price gave up gains from the previous session, trading around $81.70 per barrel during the Asian hours on Wednesday.