Oil and gold prices rise following US-Iran military confrontations near Strait of Hormuz

On May 8, 2026, global oil and gold markets experienced volatility following military clashes between United States and Iranian forces near the Strait of Hormuz. US forces reportedly destroyed Iranian targets, including drones and small vessels, with Donald Trump describing the engagement as a minor tactical action while maintaining that a ceasefire remains in effect. Brent crude prices rose by approximately 2.3% to 2.9%, reaching between 102.4 and 103 dollars per barrel. US West Texas Intermediate followed a similar trend, trading between 96 and 97 dollars per barrel. Gold prices also increased, reaching approximately 4,720 dollars per ounce, driven by central bank purchases and regional uncertainty. Markets remain sensitive to statements from Washington and Tehran as investors assess the stability of the ongoing ceasefire, which has faced significant pressure during a ten-week conflict period.