Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Oil & Precious Metals Rally After Iran Attacks US Military Bases

January 8, 2020 at 9:44 by Vladimir Vyun

Crude oil rallied today after Iran attacked US military facilities in Iraq. Gains were limited, though, as markets demonstrated a calm reaction to the news. Gold and silver rallied as well. Palladium demonstrated especially big gains, jumping more than 1%. Platinum, on the other hand, demonstrated significant losses.

Iran attacked two US military bases overnight. According to reports, 15 missiles were fired, and 11 of them hit their targets. So far, it is not clear if there were any casualties. Iran claimed that it was an appropriate response to the murder of the Iranian military leader by a US drone. US President Donald Trump responded in an unusually calm manner, saying that “all is well”. He will make an official statement at the morning US session, and markets eagerly wait for his comments. But for now, it looks like conflict is not escalating too far and a war can still be avoided. For this reason, risk aversion on markets was mild, therefore gains of the commodities were nowhere as big as at the start of this week’s trading.

Futures for delivery of WTI crude oil in February rose by $0.13 (0.21%) to $62.83 per barrel as of 9:34 GMT on NYMEX today. March Brent crude gained $0.29 (0.42%) to $68.56 per barrel on ICE. Gold for delivery in February rose by $7.3 (0.46%) to $1,581.6 per troy ounce on COMEX. March contract for silver advanced by $0.02 (0.12%) to $18.42 per ounce. Spot price for palladium surged by $24.15 (1.18%) to $2,079.15 per ounce. At the same time, platinum dropped by $7.42 (0.76%) to $964.26 per ounce.

If you have any questions and comments on commodities today, use the form below to reply.

Leave a Reply