Brent crude fell below $107 after briefly nearing $120, as comments from Donald Trump and Benjamin Netanyahu eased fears of further infrastructure damage. 

High energy costs are reinforcing inflation pressures and reshaping rate expectations. Gold rebounded above $4,700 but remains under pressure, while silver, despite moving above $74, is still heading for a third weekly decline. Demand has shifted toward the US dollar and Treasuries. The Fed, ECB, BoE, and BOJ all held rates steady while leaning toward tighter policy, with Fed rate cuts now pushed out to 2027 and further tightening priced in across Europe.

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