Commodity markets saw gains on July 22, led by crude oil and gold. Crude prices edged up after the U.S. military confirmed 11 consecutive nights of strikes on Iranian targets, and Kuwait reported drone attacks by Iran, raising worries about supply disruptions.
Brent crude rose 0.55% to $91.51 a barrel, while WTI climbed 0.36% to $84.64. These moves followed Tuesday’s sharp rally when both benchmarks hit their highest levels in five weeks following U.S. strikes in southern and western Iran and Iranian retaliation against U.S. facilities in Bahrain, Kuwait and Jordan.
Gold prices benefited from safe‑haven demand and technical buying. Spot gold advanced 0.9% to $4,113.73 per ounce after touching a peak on July 10, and U.S. gold futures for August delivery gained 1.1% to $4,119.10 per ounce.
Silver remained flat at $58.83 per ounce, while platinum and palladium edged higher. Investors are also watching next week’s Federal Reserve meeting for clues on the interest‑rate outlook.
In the currency market, the U.S. dollar index hovered near a one‑week high of 101.20. Against the Japanese yen, the dollar slipped 0.1% to 163.06, easing slightly after touching a four‑decade high the previous session.