Trump emphasized that preventing Iran from developing nuclear weapons outweighs concerns about higher oil prices, while Khamenei pledged to keep the Strait of Hormuz closed and warned the conflict could widen if attacks continue. 

Tanker activity in the Gulf has largely stopped, removing about 20% of global oil trade. Gulf producers cut output as storage filled, while the International Energy Agency approved a 400-million-barrel reserve release, though supply may take weeks or months to reach buyers.

Higher energy prices lifted inflation concerns. Gold rebounded to around $5,110, balancing safe-haven demand and inflation pressure, though it still points to two weekly losses. Interest-rate expectations also shifted, with almost no chance of a Federal Reserve cut at the next meeting and the first reduction pushed later into the year.

Take a look at today's analysis!