Emre Yumlu 
In global markets, escalating geopolitical risks have once again brought commodity prices to the forefront. The intensification of U.S. and Israeli airstrikes on Iran has strengthened investors’ search for safe-haven assets, leading to consecutive days of gains, particularly in precious metals. Will gold, silver, and oil prices continue their upward movement?
Gold, Silver, and Oil on the Rise!
As of Tuesday, commodity prices such as gold, silver, and oil continued their upward trend for the fifth consecutive trading day. The primary concern in the markets is the possibility that the current tension could evolve from a short-term conflict into a broader, more protracted regional crisis. This scenario suppresses risk appetite while increasing demand for safe-haven assets.
Strait of Hormuz Tension and Oil Risk
One of the headlines escalating the tension involves statements regarding the Strait of Hormuz. Reports in Iranian media quoted a senior official from the Islamic Revolutionary Guard Corps (IRGC) stating that the strait has been closed and that vessels attempting to pass could face intervention. The Strait of Hormuz is a strategically critical chokepoint, as approximately one-fifth of global oil supply passes through it.
These statements have heightened upward risks for oil prices, while also raising concerns that potential supply disruptions could reignite inflationary pressures. However, U.S. Central Command (CENTCOM) stated that the strait is not actually closed and that there are no indications of active Iranian patrolling or mining efforts in the area. China, meanwhile, called on all parties to protect ship safety in the strait.
Current Prices of Gold, Silver, and Oil
In the current environment, gold’s spot price per ounce stands at around $5,320.
Silver is at $86.93,
And crude oil is trading around $80.68.
(Note: These are approximate levels cited in the original analysis; real-time prices as of early March 2026 show gold fluctuating in the $5,300–$5,400 range, silver around $85–$93, and crude oil in the $70–$80+ range depending on the benchmark (WTI/Brent), reflecting ongoing volatility from geopolitical developments.)
These price levels demonstrate that the geopolitical risk premium is strongly reflected in the markets.
In the short term, as long as uncertainty and military tensions persist, safe-haven demand for gold and silver could remain intact. On the oil side, the supply risk stemming from the Strait of Hormuz continues to be the main factor keeping prices elevated.
However, if diplomatic contacts increase, tensions de-escalate, or a ceasefire/agreement framework emerges between the parties, profit-taking and corrective moves could be seen, especially in precious metals. Oil prices could also retreat if the supply risk diminishes.
The main factor determining the direction in commodity markets will be the course of military developments and the global actors’ capacity to manage the crisis. As long as the risk premium remains high, the upward trend may persist; but if uncertainty decreases, pricing could settle on a more balanced footing.
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