Gold, Iran & Oil

by Ashraf Laidi

Feb 19, 2026 16:40

US Crude oil is up more than 6% on rising expectations of a US attack on Iran. Gold, however, is more muted, up 3%. Is there a reason? Yes, we know oil is more impacted by supply lines in Hormuz Strait. But gold is unable to show the same gains we saw last year on Iran tensions. Why? Will gold rally back to 5100? Can US crude hit $70?

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