commodities

Oil Surges, Gold Pulls Back: The Divergence Driving Commodities on July 24

Published July 24, 20262 min read

A large, rust-streaked oil tanker cruises on blue water with a rocky coastline in the background under an orange sky. — An oil tanker in transit, a common sight amid fluctuating global crude prices. Illustration: MarketIntelLabs

Oil and precious metals went their separate ways on Thursday, and the catalyst for each tells you something important about where markets are headed. USO, the U.S. Oil Fund, surged 5.9% to $139.49 after President Trump declared the June 18 US-Iran ceasefire agreement dead, reigniting supply-disruption fears for the Strait of Hormuz. Gold and silver moved in the opposite direction: GLD fell 2.0% to $371.52 and SLV dropped 3.5% to $52.06 as traders trimmed length ahead of next week's FOMC meeting on July 28-29.

Key Takeaways USO surged 5.9% to $139.49 on Thursday after President Trump declared the June 18 US-Iran ceasefire dead, with the 52-week high at $154.08 the upside target in a full disru…

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