[MARKET ANALYSIS] Oil rallied and gold sold off after US President Trump's tough talk during the primetime address
WTI/Brent: WTI May'26 +3.0% / Brent Jun'26 +3.8%
- Oil prices climbed with WTI crude ascending back above the USD 100/bbl level after tough talks from US President Trump at his primetime address dampened hopes of a de-escalation, with Trump threatening to hit Iran's electric plants if there is no deal and said they could hit Iran's oil.
Gold: -1.3%
- Retreated as the dollar, oil and yields climbed after hopes for an off-ramp in the Iran conflict were dashed by President Trump's latest threats.
Copper: -1.2%
- Declined as risk sentiment was soured by Trump's fighting rhetoric against Iran.
Context
President Trump's tough rhetoric regarding Iran has escalated market tensions, leading to a significant rally in oil prices while dampening gold's appeal. This reaction suggests that traders are reacting to heightened geopolitical risk, which typically benefits oil and weighs on safe-haven assets like gold. Watch for potential further volatility as the situation develops, particularly within energy markets and currencies linked to commodity performance.
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