Commodities Deep Dive: Oil Shock and Precious Metals Divergence
Key Takeaways WTI crude surged 5.13% to $72.08/bbl after the US-Iran ceasefire collapsed on July 7-8; Brent crossed $76/bbl. The Strait of Hormuz (through which roughly 20% of global oil supply transits) now faces renewed chokehold risk. Gold pulled back 0.77% to $4,123/oz despite the escalation. Safe-haven demand is rotating into energy, not gold; the Iran conflict is being read as a supply story, not a systemic-risk story. Silver is telling a different story: down 2.24% to $60.54/oz, roughly 50% off its $121/oz peak. Industrial fabrication demand is falling, the momentum crowd has left, and there is no structural floor at current levels. OPEC+ is simultaneously raising output 188,000 bpd f…
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