Gold futures slipped through a key support level on Thursday while US-Iran peace talks stalled and attacks on shipping in the Strait of Hormuz continued. Brent crude climbed above $110 a barrel, and the next gold support sits at $4,045.
Gold futures pierced first key support at $4,122.54 and are heading toward the next significant support level at $4,045. Investing.com's analysis adds that futures are trading below the 9 EMA at $4,146 and could pierce that line too in the same session.
Hormuz attacks push oil higher
The Iranian Revolutionary Guard Corps' navy said on Thursday, the 237th day of the US-Iran conflict, that it struck four vessels it accused of illegal oil transfers in the northern Gulf. It added that three other vessels hit mines west of the strait.
Meanwhile, attacks on shipping and fighting between Yemen's Houthis and Yemen's Saudi-backed government have once again sent oil prices surging. Brent crude climbed above $110 a barrel on Thursday amid fears of further disruptions to regional energy supplies.
Tehran adopts an offensive doctrine
On Wednesday, the IRGC announced a shift toward an "offensive and asymmetrical" defence doctrine and threatened to invade countries that launch attacks against it. Spokesman Hossein Mohebi said Iran's missile stockpile has grown 1.5 times since the 12-day war with Israel in June 2025, though he gave no specific figures.
Washington sent mixed signals. President Donald Trump said the US was no longer negotiating with Tehran. At a South Carolina rally, he said: "It’ll end very soon." Secretary of State Marco Rubio said this week that reaching a peace agreement is extremely difficult and that Iran must stop targeting commercial shipping in the Strait of Hormuz.
Diplomatic staff leave Saudi Arabia
The US State Department on Wednesday ordered nonemergency personnel and their families to leave Saudi Arabia after recent Houthi attacks. Spokesman Tommy Piggott said departure orders for other Gulf missions have not been issued.
Iran, for its part, has offered a seven-day plan to restore shipping through the Strait of Hormuz. In exchange, it wants Washington to end its blockade of Iranian ports, ease sanctions and unfreeze Iranian assets.
Source: Investing.com
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