Trump's Hormuz reopening announcement sends gold near $4,900oz, oil sharply lower
Commodities markets are reacting dramatically to the Friday morning announcement that Iran has completely reopened the Strait of Hormuz to all maritime traffic.
Iran's Foreign Minister Seyed Abbas Araghchi announced the move in an X post at 8:45 am Eastern, sending equity futures and gold prices skyrocketing.
U.S. President Donald Trump posted to Truth Social shortly afterward as markets continued to rally on the news.
Gold prices had been rallying since the spot price broke definitively above the $4,800 per ounce resistance level shortly after 8:20 am Eastern, but the announcements of the reopening of the Strait added rocket fuel to the upward move, driving spot gold to a daily high of $4,890.78 just 5 minutes later.
Nymex crude oil futures declined sharply on the news, last trading at $81.13 per barrel for a loss of over 14% on the daily chart.
