Oil and gold swing as Middle East and Russia conflict jolts markets

· Finance

Oil prices rose as escalating conflict in the Middle East and the Russia-Ukraine war stoked supply fears. An attack on a tanker in the Strait of Hormuz, Houthi claims of further strikes on Saudi refineries, and a Ukrainian strike on a Russian refinery all fed supply concerns, while tankers kept crude flowing through Hormuz despite Iranian attacks, supported by soaring freight rates. Global diesel prices surged as refineries in Russia and the Middle East were hit, lifting Chevron and Exxon Mobil to all-time highs on refining profits. Separately, gold fell to its lowest price in a year despite renewed Middle East jitters, a reminder that war risks are not lifting every safe-haven asset.

Why it matters：The flare-up shows how geopolitical shocks are being transmitted through energy and freight markets, with refining margins and shipping costs at the center of the trading response.

Key points

  • An attack on a tanker in the Strait of Hormuz added to supply worries.
  • Chevron and Exxon Mobil hit all-time highs as refining profits soared on higher diesel prices.
  • Gold fell to a one-year low despite Middle East tensions.

Sources (original reporting)

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