Oil prices advanced as market volatility intensified due to successive attacks by Iran and Israel on key energy facilities. Copper prices on the London Metal Exchange declined. Gold fell for a sixth consecutive session, marking its longest losing streak since late 2024.

Crude Oil: Prices Jump as More Energy Infrastructure is Targeted in the Middle East Oil prices rose as market turbulence increased following retaliatory strikes by Iran and Israel on critical energy infrastructure. During early Asian trading on Thursday, the most actively traded WTI futures contract climbed by as much as 3.4% to $98.69 per barrel. Brent crude settled near $107 per barrel on Wednesday, while the European natural gas benchmark surged 6% on the same day. QatarEnergy reported that Ras Laffan Industrial City, home to the world's largest liquefied natural gas export facilities, sustained "significant damage" following an Iranian attack. This came after Iran warned nations around the Persian Gulf that certain energy installations have now become "legitimate targets" in response to an Israeli strike on the South Pars gas field. The U.S. President stated that he was aware in advance of Israel's strike on the South Pars gas field but does not support further attacks on Iranian energy assets. The President also temporarily waived a century-old shipping regulation to reduce the cost of transporting oil, natural gas, and other bulk commodities within the United States.

Base Metals: Copper Prices Decline on London Metal Exchange Copper prices fell after Iran warned it would target energy assets in the Gulf region in retaliation for attacks on its gas fields. Most other industrial metals also traded lower as investors weighed the dual impact of Middle East conflict—both the threat to demand and the heightened risk of supply disruptions. Aluminum prices ended Wednesday largely unchanged but experienced significant intraday volatility due to the conflict. Some suppliers cut output and suspended sales as shipping activity neared a standstill around the Strait of Hormuz. Smelters typically maintain only a few weeks' worth of alumina inventory, and traders and analysts anticipate widespread production cuts unless more shipments can soon pass through the strait. At the close, LME copper was down 3% at $12,395.50 per metric ton. LME aluminum finished flat at $3,400 per ton. LME nickel declined 0.3% to $17,151 per ton. LME zinc fell 2.9% to $3,133.50 per ton. LME tin dropped 3.6% to $45,063 per ton. LME lead decreased 0.8% to $1,913.50 per ton.

Precious Metals: Gold Marks Sixth Straight Day of Losses Gold fell for a sixth consecutive day, its longest losing streak since late 2024, after the Federal Reserve Chair indicated that elevated energy prices are likely to push overall inflation higher. As the Chair emphasized the importance of keeping interest rates at a "slightly restrictive" level, bond yields and the U.S. dollar continued to rise, while traders scaled back expectations for interest rate cuts this year. This led to a 3% decline in gold, which is denominated in U.S. dollars and often performs well in a lower-rate environment. As of 6:08 PM New York time, spot gold was down 3.7% at $4,818.50 per ounce. Spot silver declined 4.9% to $75.3722 per ounce.