Daily Commodities Highlights | July 13, 2026

📌 Market Focus

Oil markets opened the week on edge after Iran announced the closure of the Strait of Hormuz, raising fresh concerns over global crude supplies. Traders are now watching whether the disruption remains temporary or escalates into a broader regional crisis.

⠀

📈 Market Impact

🟢 Oil

1. Hormuz disruption raises supply risks.
2. Tight jet fuel inventories add to bullish sentiment.
3. Further escalation could extend crude's rally.

⠀

🟡 Gold

1. Safe-haven demand remains supported.
2. Price action will depend on whether tensions spread further.

⠀

🔥 Key Developments

🛢️ Energy

Iran's Hormuz move puts global supply back in focus.

Nearly a fifth of the world's seaborne crude passes through the Strait, making any prolonged disruption a major upside risk for oil prices.

⠀

Goldman Sachs warns Gulf export risks have increased.

The bank says recent attacks underscore the vulnerability of regional exports, while noting that expanded pipeline capacity could eventually reduce long-term reliance on Hormuz.

⠀

Kuwait cuts August crude prices for Asia.

Lower official selling prices suggest producers remain focused on defending market share despite heightened geopolitical tensions.

⠀

⚔️ Geopolitics

Iran announced the closure of the Strait of Hormuz following fresh attacks on US military targets.

⠀

The United States responded with another round of strikes, reportedly deploying unmanned surface vessels for the first time.

⠀

Commercial vessels transiting Hormuz have increasingly switched off tracking signals, highlighting growing security risks.

⠀

👀 On the Radar

1. Duration of the Hormuz closure.
2. Further US-Iran military developments.
3. Gulf tanker traffic.
4. OPEC's response.
5. Safe-haven flows into gold.