Oil and Gold Surge as Iran Blocks Strait of Hormuz

Oil and gold surged Friday as Iran’s Islamic Revolutionary Guard Corps (IRGC) declared a forceful response to any vessels linked to U.S. or Israeli allies passing through the Strait of Hormuz. Iranian naval forces have already redirected three container ships attempting transit.

Brent crude rose to $111 per barrel, while U.S. WTI crude topped $98-levels unseen since the outbreak of hostilities on February 28, 2026. The disruption has cut roughly one-fifth of global oil supply-five times the scale of the 1973 Arab Oil Embargo.

Dubai crude hit a record $137, and oil prices overall have climbed over 40% since pre-war levels. Governments across Asia and Europe have initiated emergency fuel rationing.

Gold also broke $4,500 per ounce, as investors fled to safe-haven assets.

Meanwhile, crypto markets continued their decline. Bitcoin fell to $65,730, Ether dropped below $1,980, and the broader market cap slipped 4% to $2.35 trillion. The Crypto Fear and Greed Index remains in "extreme fear."

The Strait of Hormuz remains effectively closed, with major shipping lines suspended despite Iran’s vague assurances to non-hostile vessels.