Platinum futures traded below $1,620 an ounce, pressured near their lowest levels since late November, as escalating tensions in the Middle East kept inflation concerns in focus.

The US launched multiple strikes against Iran this week and reinstated a blockade on the Strait of Hormuz, while Tehran retaliated with attacks on US bases in neighboring countries.

The renewed conflict sent oil prices sharply higher, reinforcing expectations that persistent energy supply disruptions could stoke inflation.

Meanwhile, softer-than-expected US consumer and producer inflation data prompted markets to scale back the likelihood of a near-term Federal Reserve rate hike, supporting demand for non-yielding assets.

The platinum market also draws support from a tight supply outlook as the World Platinum Investment Council continues to forecast a fourth consecutive market deficit in 2026, with demand expected to outpace supply and above-ground inventories projected to remain near historically low levels.