Oil surges 5% as Iran-Hormuz deal falters; gold hits two-month high above $4,400
&imwidth=600&imheight=450&format=webp&quality=medium "Oil surges 5% as Iran-Hormuz deal falters; gold hits two-month high above $4,400")
People walk by the New York Stock Exchange (NYSE) on July 23, 2026 in New York City Photograph: (AFP)
Brent and US crude futures rose about 5% as hopes of reopening the Strait of Hormuz faded, while gold climbed above $4,400 following a weak US labour report.
Brent crude futures and US crude futures both rose about 5 per cent on Monday as hope for a potential deal to open the Strait of Hormuz faltered. Oil prices briefly soared to $90 per barrel earlier Tuesday, hitting an intraday high of $90.02. Prices have since pared gains slightly to fluctuate between $87 and $89. Similarly, spot gold hit a two-month high earlier today, climbing above $4,400 an ounce for the first time since early June. The precious metal touched an intraday peak of $4,434.84 per ounce before paring some gains to trade in the $4,380 to $4,390 range.
Iran has issued six strict preconditions for reopening the Strait of Hormuz. They want Washington to completely "correct its behaviour", no hostile language, absolute cessation of US and allied military aggression, Iran and its regional network across Lebanon, Palestine, Yemen, and Iraq; lifting of blockade and troop withdrawl, war reparation, removal of all "cruel and illegal" economic and political sanctions and asset release.
US President Donald Trump responded to Iran's new demands of the reopening of the Strait of Hormuz, seeking compensation for the damages to US army and bases done by Iran.
“We’re going to ask for money for the damage they’ve done over a 50-year period. So if there’s damages to be paid, I think Iran should pay those damages,” said Trump.
"So if there's damages to be paid, I think Iran should pay those damages,” and that “Also, with respect to the Iran negotiations, Iran should be responsible for the damages and death caused to the people of Lebanon, Syria, Yemen, and Gaza!”
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The opening price of gold futures on Tuesday, August 11, 2026, was 0.6 per cent higher than Monday's opening price. This indicates that the precious metal is returning to its status of safe haven following a weak US labour report showing an unexpected loss of 23,000 jobs in July. The upcoming consumer price data due on Wednesday and producer price data on Thursday will provide further clues on the Fed's policy outlook. According to the CME FedWatch Tool. FEDWATCH on Monday, traders are currently pricing a 48 per cent chance of an interest-rate hike in September. An interest rate hike will put downward pressure on Gold prices.
