--- title: "Trump swings the tariff big stick again, and the US-Iran conflict is about to ignite! Is a big market for gold and oil coming?" description: "Affected by tariff uncertainties and geopolitical risks, gold and oil prices have risen, while Bitcoin and U.S. stocks have fallen. After the U.S. Supreme Court ruled that Trump's tariffs were illegal" type: "news" locale: "en" url: "https://longbridge.com/en/news/276827638.md" published_at: "2026-02-24T03:47:48.000Z" --- # Trump swings the tariff big stick again, and the US-Iran conflict is about to ignite! Is a big market for gold and oil coming? > Affected by tariff uncertainties and geopolitical risks, gold and oil prices have risen, while Bitcoin and U.S. stocks have fallen. After the U.S. Supreme Court ruled that Trump's tariffs were illegal, Trump announced tariffs on all countries, followed by escalating tensions between the U.S. and Iran, which could lead to military strikes. Gold prices have surpassed $5,200 per ounce, and WTI crude oil has exceeded $67 per barrel. UBS Group forecasts a gold target price of $6,200 per ounce, with oil prices potentially soaring to $90-100. Cryptocurrencies are facing selling pressure Investment Insights - Benefiting from the uncertainty of tariffs and geopolitical risks, gold and crude oil have risen, while Bitcoin and U.S. stocks have fallen under risk-averse sentiment. On February 20, the U.S. Supreme Court ruled that Trump violated tariffs imposed under the International Emergency Economic Powers Act (IEEPA). Following the ruling, Trump announced a 10% tariff on all countries under Section 122 of the Trade Act of 1974, and less than 24 hours later, he announced an increase to 15%. In addition, the situation between the U.S. and Iran remains tense. U.S. media reported on the 22nd, citing sources, that President Trump is inclined to carry out a preliminary strike against Iran in the coming days, followed by a larger military strike in the coming months to force Iran to yield and reach an agreement as per U.S. demands. As a result, precious metals and crude oil prices soared, while Bitcoin and U.S. stocks fell. Gold prices broke through $5,200 per ounce, and WTI crude oil surpassed $67 per barrel, reaching a six-month high. From early 2026 to now, gold and silver have cumulatively risen by 20%, WTI crude oil has increased by 18%, Bitcoin has dropped by 29%, and the Nasdaq 100 has slightly decreased by 2%. 【Source: TradingView; Trends of gold and other assets in 2026】 What will the future trend be? The next focus will shift to the new round of negotiations between the U.S. and Iran on February 26, and whether Trump's Section 122 tariffs will be overturned again by the Supreme Court. UBS Group pointed out that gold is the most effective hedge against the current series of market and economic risks, giving gold a target price of $6,200 per ounce, which implies a further 19% increase in gold prices. Regarding crude oil, energy market consultancy FGE NexantECA stated that as the U.S. and Iran face the prospect of war, oil prices could soar to $90-100, depending on the severity of the situation. Morgan Stanley has raised its short-term Brent crude oil price forecast, but still expects oil prices to fall back to $60 per barrel later this year. For Bitcoin, CryptoQuant's research director Julio Moreno stated that against the backdrop of the current bear market, geopolitical headwinds will intensify the selling pressure on digital assets like Bitcoin and Ethereum, leading to further price declines. 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