Published On 5/8/2026
Oil and gold prices rose today, Friday, following renewed clashes between the United States and Iran, threatening the fragile ceasefire between the two parties. On the other hand, the dollar and European and Japanese stock indices declined.
Brent crude futures rose by 1.41% to settle at $101.47 per barrel, and US West Texas Intermediate crude futures rose by 1.18% to reach $95.93 per barrel.
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This rise ended three days of declines in oil prices after reports issued earlier this week that the United States and Iran were close to reaching an agreement that would end the fightingand allow the Strait of Hormuz to be fully reopenedbut postpone decision on more controversial issues to a later stage.
Brent and WTI crude oil prices are heading to decline by about 6% this week.
Metal performance
Gold rose in instant transactions by 0.8% to $4,723.56 per ounce (31 grams), and the price of the yellow metal increased by 2.4% since the beginning of the week, but it declined by more than 10% since the start of the war on Iran on February 28, affected by the rise in oil prices.
US gold futures for June delivery rose half a percentage point to $4,731.
Capital Markets Analyst at Capital.com, Kyle Rodda, said, “The Trump administration’s statements this morning, stating that the ceasefire is still in place, and that there is continued optimism about the possibility of reaching an agreement between the United States and Iran, support the gold market at the present time.”
As for other precious metals:
- Silver rose in spot transactions by 2.5% to record $80.42 per ounce.
- Platinum rose 1.8% to reach $2,057.62.
- Palladium increased 1.8% to $1,507.28.
Currency market
The dollar began the Asian trading session, today, Friday, at an increase before turning lower against most major currencies after renewed hostilities between the United States and Iran, albeit on a limited scale, while the Japanese yen maintained its stability in the wake of new hints issued by the authorities in Tokyo regarding intervention in the currency market to support the local currency.
The dollar index, which measures the strength of the US currency compared to other major currencies, rose slightly by 0.4% to 98.195.
The escalation of tension between Tehran and Washington led to the dollar rising for the second day in a row from its lowest level in more than two months, which it recorded earlier in the week, amid hopes of reaching a peace agreement.
The British pound is trading at $1.3575, and is heading towards its first weekly loss since last March. While the euro settled at $1.1727 and is heading to end the week slightly higher.
The Australian dollar reached $0.72059, while the yen was largely stable at 156.995 in early Asian trading.
Stock markets decline
The European STOXX 600 index fell by 0.8%, and the indices of the major European stock exchanges went in the same direction, as the German “DAX” index and the British “Financial Times” index fell by 0.9% and 0.5%, respectively.
The European STOXX 600 index is one of the most important financial indicators on the European continent. The index includes 600 companies of various sizes (large, medium, and small) distributed over 17 European countries. These countries include European Union countries in addition to countries outside the Union such as Britain, Switzerland, and Norway.
European stocks remained sensitive to geopolitical developments, as Europe’s energy dependence weighed on markets and raised concerns about the impact on inflation and growth. Financial markets are currently anticipating three or more interest rate increases from the European Central Bank over the next 12 months.
Japan’s Nikkei index also fell from its highest level ever recorded in the previous session, with SoftBank Group shares declining, and investor sentiment was affected by renewed tensions between the United States and Iran.
The Nikkei index fell 0.19%, after jumping in yesterday’s session, Thursday, and closed at a record level after the psychological level exceeded 63 thousand points for the first time in its history.
In the rest of the Asian stock exchanges, the decline was predominant, as the Hong Kong Stock Exchange index fell by 0.7%, and the South Korean Stock Exchange index fell by a slight amount of 0.1%, but it is on its way to achieving a weekly increase of more than 13%, which is the largest since 2008.
