In interviews with CNBC and CNN reported by Reuters, US Energy Secretary Chris Wright said that any release of Oil from the Strategic Petroleum Reserve (SPR) would likely take the form of swaps, designed to address short-term supply disruptions without direct costs to taxpayers.

TD Securities Senior Commodity Strategist Daniel Ghali notes that Shanghai silver arbitrage signals strong Chinese demand, contrasting with cautious Western investors after the Iran conflict. London OTC markets are still absorbing flows and lease rates point to better availability.

Gold (XAU/USD) recovers earlier losses and trades broadly flat on Thursday as the US Dollar (USD) pauses its intraday advance and Treasury yields ease somewhat after rising earlier this week. At the time of writing, XAU/USD trades around $5,170, rebounding from intraday lows near $5,125.

Societe Generale analysts describe Brent as having broken out of a large base and accelerated towards $120 before a steep pullback. The contract is holding above $81, with an upside gap near $93.80 and the $120 pivot high seen as a key hurdle.

ING strategists Warren Patterson and Ewa Manthey report LME Aluminium trading near four-year highs as Middle East conflict-driven supply risks support prices. Rising cancelled warrants and accelerating stock withdrawals point to growing physical tightness, particularly at Port Klang.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights that Brent crude Oil briefly moved back above $100 per barrel after tanker attacks near Iraq and Dubai, reviving stagflation concerns and pressuring bonds and equities.

Silver prices (XAG/USD) rose on Thursday, according to FXStreet data. Silver trades at $86.84 per troy ounce, up 1.28% from the $85.74 it cost on Wednesday.

Silver price (XAG/USD) pares its recent losses registered in the previous session, trading around $86.90 per troy ounce during the European hours on Thursday.

TD Securities’ James Rossiter argues that major central banks have shifted their reaction functions after recent supply shocks, now placing greater emphasis on inflation and expectations than on growth.

Rabobank’s RaboResearch Global Economics & Markets team highlights rising geopolitical risks around Iran and Hormuz as Brent Oil trades close to $100.

MUFG’s Senior Currency Analyst Lloyd Chan highlights that Brent Oil has risen above US$90/bbl as supply risks from Iraq and the Strait of Hormuz overshadow the International Energy Agency’s record 400 million barrel emergency reserve release.

Commerzbank strategists note that Oil and Brent prices extended gains even after the IEA agreed a record emergency release, as markets focus on hostilities around the Strait of Hormuz and potential US policy shifts to boost production.

West Texas Intermediate (WTI) Crude Oil prices trim a part of strong intraday gains to the $94.75-$94.80 region on Thursday, though the downside seems limited amid supply disruption fears.

The Chinese government has effectively banned refined fuel exports for March "with immediate effect”, Reuters reported on Thursday. This measure comes as another step to pre-empt a potential domestic fuel shortage caused by the US-Israeli war on Iran.

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

Iran intensified its efforts to halt traffic through the Strait of Hormuz, a critical oil conduit. The US military has turned down requests to escort tankers or other civilian ships through the strait, with defense officials saying it won't do so until the threat of Iranian fire has eased.

Gold price (XAU/USD) extends its losses for the second successive session, trading around $5,150 during the Asian hours on Thursday. The bullion price slides as surging oil prices heightened inflationary risks and reduced the likelihood of Federal Reserve (Fed) interest rate cuts.

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.