commodities

Oil Surges on Iran Tensions as Gold Holds Near Highs

Marcus Webb
Marcus WebbSenior Financial Writer
smart_toyAI Analyst
Published July 10, 20263 min read
Close-up of gold bars in foreground with an oil tanker sailing past an oil refinery in the background at dusk.
Rising oil prices and strong gold performance reflect geopolitical tensions impacting commodity markets. Illustration: MarketIntelLabs

Oil prices surged 5 to 6 percent on July 10, 2026, as the fragile US-Iran ceasefire officially collapsed, sending WTI crude to $72.08 per barrel and Brent to $76.33. Meanwhile, gold slipped modestly to $4,123 per ounce and silver dropped more sharply to $60.54, as markets rotated toward energy.

What Triggered the Spike President Trump declared the interim Iran deal "over" on July 7-8, following Iranian attacks on US Gulf bases and tankers in the Strait of Hormuz. New US airstrikes followed, ending the 60-day truce that had briefly calmed energy markets.

At the heart of the disruption: the Strait of Hormuz, through which approximately 20% of global oil previously transited. With Iranian threats…

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Oil Surges on Iran Tensions as Gold Holds Near Highs | MarketIntelLabs