WTI crude oil surged about 11% on Thursday, breaching above $87.00, its highest level since October 2023, in a session dominated by a single massive bullish candle that dwarfed every session of the past three months.

United States Baker Hughes US Oil Rig Count climbed from previous 407 to 411

Gold price (XAU/USD) rallies on Friday during the North American session, boosted by a weaker-than-expected US jobs report and a risk-off market mood amid the Middle East conflict. At the time of writing, XAU/USD trades near $5,140, up more than 1%.

ING’s Commodities Strategist Ewa Manthey highlights that escalating conflict in the Middle East adds significant upside risk to Aluminium in an already tightening market.

Crude oil prices continue to surge on Friday as the crisis in the Middle East deepens.

Commerzbank commodity analysts Barbara Lambrecht and Carsten Fritsch highlight that the war in Iran and disruptions in the Strait of Hormuz are tightening the Oil market, widening Brent–WTI spreads and time spreads.

Gold (XAU/USD) edges lower on Friday, trimming earlier gains as a broadly stronger US Dollar (USD) and rising US Treasury yields continue to weigh on the non-yielding metal.

BNY’s Head of Markets Macro Strategy Bob Savage reports that Gold is set for its first weekly loss in five weeks as rate expectations shift toward hikes in Europe and fewer cuts from the FOMC. A stronger Dollar and use of Gold as a liquidity source weigh on prices.

Silver price (XAG/USD) trades broadly sideways around $82.80 during the European trading session on Friday. The white metal consolidates as investors await the United States (US) Nonfarm Payrolls (NFP) data for February, which will be published at 13:30 GMT.

ING strategists Warren Patterson and Ewa Manthey report that Copper prices have softened as LME inventories jump to a 16‑month high, suggesting supply is outpacing demand.

West Texas Intermediate (WTI), futures on NYMEX, surges to near $82.80 during the European trading session on Friday, the highest level seen since July 2024.

Qatar’s Energy Minister Saad al-Kaabi said in an interview with the Financial Times (FT) published on Friday that all Gulf energy producers to shut ​down exports within weeks amid the ongoing war in the Middle East, which involves the United States (US), Israel, and Iran.

Silver prices (XAG/USD) rose on Friday, according to FXStreet data. Silver trades at $84.20 per troy ounce, up 2.65% from the $82.02 it cost on Thursday.

BNY’s Bob Savage highlights that Oil supply shock risks look underpriced even as prediction markets see high odds of crude reaching $100/bbl. He notes strong investor flows into Energy equities across regions and describes Oil as a new safe haven.

MUFG’s Senior Currency Analyst Michael Wan notes that Brent Oil has eased to around US$85/bbl as the US administration considers multiple policy tools to address higher Oil and gasoline prices during the Iran conflict.

West Texas Intermediate (WTI) Oil price holds gains after recovering daily losses, trading around $78.80 during the Asian hours on Friday.

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

Silver price (XAG/USD) holds positive ground near $82.20 during the early Asian session on Friday. The ongoing US-Israeli campaign against Iran provides safe-haven support, boosting the white metal. Traders await the release of the key US employment report for February for fresh impetus. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $78.10 during the early Asian trading hours on Friday. The WTI gains momentum following an 8.5% single-day gain, the largest since 2020.

US Interior Secretary Doug Burgum said that the US President Donald Trump administration is weighing a range of options for addressing the spike in oil and gasoline prices amid the war in Iran, Bloomberg reported on Friday.

Gold price (XAU/USD) tumbles to near $5,085 during the early Asian session on Friday. The precious metal loses ground amid a stronger US Dollar (USD). The US employment report for February will take center stage later on Friday. 

WTI surged over 6% on Thursday, blowing through $80 per barrel for the first time since June 2024 and extending one of the sharpest rallies in recent years.

Gold price erased the previous day's gains on Thursday, hitting a two-day low as precious metals are pressured by high US Treasury yields and a strong US Dollar, underpinned by solid US jobs data. At the time of writing, XAU/USD trades at $5,069, down more than 1.35%.

Silver (XAG/USD) trades lower on Thursday, falling toward $82.20 at the time of writing, down 1.18% on the day. The precious metal is under pressure as the US Dollar (USD) rebounds following the release of stronger-than-expected US economic data.

West Texas Intermediate (WTI), futures on NYMEX, are up 2% to near $76.00 during the European trading session on Thursday. The Oil price trades firmly but struggles to stabilize above the $76.00 hurdle due to signs of de-escalation in conflicts between the United States (US), Israel, and Iran.

Deutsche Bank analysts note that Brent Oil has stabilised after its strongest two‑day gain since 2020, but remains driven by fast‑moving geopolitical risks.

Silver prices (XAG/USD) rose on Thursday, according to FXStreet data. Silver trades at $84.52 per troy ounce, up 1.62% from the $83.18 it cost on Wednesday.

Danske Research Team notes that recent Middle East tensions have kept Oil in focus.

ING’s Warren Patterson and Ewa Manthey warn that European gas faces growing upside risks after President Putin signalled Russia could redirect gas away from the EU, just as global LNG flows from the Persian Gulf are disrupted.

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