Oil rises above $110 as Trump deadline looms for Iran to reopen strait – business live

Oil’s push above $110/bbl on escalating US-Iran tensions is the key macro driver for precious metals here: the market is pricing a binary outcome around the Strait of Hormuz deadline, with a further military escalation likely to lift the dollar and real yields and pressure gold in the near term, while a ceasefire would trigger a broad relief rally that could send gold higher alongside equities and a weaker dollar. Brent traded at $111.01/bbl (+1.1%) and WTI at $115.3/bbl (+2.6%) as the IMF warned the conflict will mean higher inflation and slower global growth. Commentary from Capital.com’s Kyle Rodda framed the setup as a “countdown clock,” with gold likely to fall on an escalation scenario but “rip” higher if Trump backs down and oil retraces. The article also highlights the broader market transmission channel: energy shock, inflation expectations, yields, and USD. For bullion traders, the immediate catalyst is the deadline window and any headline on strikes, ceasefire terms, or Hormuz access; that should keep intraday volatility elevated across XAU and related haven assets. The main risk to longs is a sharp USD/yield spike if the market moves toward a larger regional war, while the main upside trigger is de-escalation and a fast reversal in oil and rates.