<div id="readability-page-1"><img width="1536" height="1024" src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Oil-tankers-at-dusk.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Oil-tankers-at-dusk.png"/>Brent crude oil prices were back above $100 per barrel on Thursday after the new Iranian Supreme Leader, Mojtaba Khamenei, said the Strait of Hormuz would continue to remain closed.Meanwhile, gold and silver continued to trade in the red as a stronger dollar and limited scope for a Federal Reserve interest rate cut weighed on sentiment.Additionally, the ongoing conflict in the Middle East continues to pose a risk of escalating supply disruptions from regional producers, causing aluminium prices to increase for the third consecutive day.<h2>Brent back above $100</h2>Brent crude prices rose more than 9% due to disruptions in supply from the Strait of Hormuz. The contract was last at $101 per barrel.Khamenei, the son of the former Iranian leader Ali Khamenei, who was killed during the US and Israeli attacks on Iran in late February, made his first public statement since taking his father's place.He asserted that Iran would not hesitate to &#34;avenge the blood of martyrs&#34; of the nation.The closure of the Strait of Hormuz has severely impacted energy markets, halting 20% of the world's crude oil and Liquefied Natural Gas supply. This disruption follows Iranian attacks on shipping in the Persian Gulf and missile strikes targeting various regional countries. The gravity of the situation directly contradicts US President Donald Trump's earlier claim this week that the conflict was almost over.“The US’s inability to reopen the Strait of Hormuz and provide security for the shipping passing through, suggests that there are limits to their dominance,” said David Morrison, senior market analyst at Trade Nation. ANZ analysts noted that markets were still not fully factoring in the probable length and resulting turmoil from the conflict.&#34;Once a conflict extends beyond the initial shock phase, oil markets tend to shift from pricing uncertainty to pricing endurance,&#34; ANZ analysts said. &#34;At that point, the key question is no longer whether supply is disrupted, but how long producers can physically sustain output under deteriorating operating conditions.&#34; <h2>Gold falters </h2>The markets have been puzzled by gold’s movement since the conflict began in the Middle East.The dollar strengthened for the third session in a row. As a competing safe-haven, a stronger US currency increases the cost of gold for investors holding other currencies.Rising crude prices contribute to inflation by driving up both transportation and production expenses. While gold is typically viewed as a safeguard against inflation, rising interest rates diminish its appeal by making assets that generate yield more attractive.Gold prices are expected to maintain their current course until the situation regarding the Middle East conflict becomes clearer.Despite its historical role as a dependable safe-haven asset during geopolitical crises, gold has unexpectedly fallen by about $200 since the initial airstrikes on February 28, going against the typical market response.“The explanation lies in the immediate aftermath of the strikes, when the US dollar surged as the primary beneficiary of flight-to-safety flows, effectively crowding out gold's typical role,” Gary Wagner, technical market analyst at Kitco said in a report. The market's focus has recently shifted. Attention is now centred on how an extended conflict, disrupting energy supplies, could alter the Federal Reserve's path for monetary policy.This change in focus has, in turn, become a significant factor influencing the price of gold.Elsewhere, silver on COMEX was last at $85.110 per ounce, down 0.5%, while gold was 0.9% lower at $5,133.19 an ounce. <h2>Aluminium hits near four-year high</h2>Global aluminium prices surged for a third consecutive day, hitting their highest level since April 2022, as the ongoing conflict in the Middle East intensified fears of deeper supply disruptions.Aluminium retains significant upside, with a scope for a move toward $3,700 a ton, BMI, a unit of Fitch Solutions Inc., said in a note. The spike in premiums in the US and Europe reflects “mounting concern among western buyers,” it added.BMI has stated that recent developments significantly increase the probability of a more severe supply shortage, anticipating the global market deficit will deepen to 1.06 million tons this year.Substantial orders to withdraw stockpiles from the LME's warehouse network indicate that the market is beginning to tighten. While the supply side saw increased production from newly commissioned aluminium projects in China, Indonesia, and Angola as they continued to ramp up, the escalating geopolitical conflict in the Middle East is expected to cause a decline in daily average aluminium production. This decline is anticipated due to the conflict's potential impact on production or shipments at some aluminium plants in the region.The three-month aluminium contract on the London Metal Exchange was at $3,494 per ton, up 1.4%. The contract had hit a high of $3,542.15 per ton earlier in the day. 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Brent crude oil prices have risen above $100 per barrel, driven by supply disruptions in the Strait of Hormuz following statements from Iran's new Supreme Leader. Gold and silver prices are declining due to a stronger dollar and limited Federal Reserve interest rate cuts. The ongoing Middle East conflict is causing aluminium prices to surge, reaching their highest levels since April 2022. Analysts warn of potential long-term supply disruptions, impacting energy markets and inflation.

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Commodity wrap: Brent back above $100, gold remains stuck