"Is the U.S. Preparing for an Iran Airstrike?"... Global Oil and Gold Prices Surge Amid U.S. Pressure

WTI and Brent Crude Both Rise
Gold, a Safe-Haven Asset, Also Climbs

International oil prices and gold prices surged amid speculation that a U.S. airstrike on Iran was imminent.

On January 29 (local time), West Texas Intermediate (WTI) crude oil on the New York Mercantile Exchange (NYMEX) closed at $65.42 per barrel, up $2.21 (3.49%) from the previous trading day. WTI rose for the second consecutive day, marking a new high since the end of September last year.

A man is counting rials while purchasing gold at a shop in Tehran, Iran. Tehran, Iran = AFP Yonhap News.

On the same day, Brent crude, the global oil price benchmark, also ended trading at $70.71 per barrel, up 3.4% from the previous session. This is the first time in about six months, since the end of July last year, that Brent crude has exceeded $70 per barrel.

As geopolitical tensions intensified, gold, a safe-haven asset, also saw its price rise. The international spot price of gold surpassed $5,500 per ounce for the first time ever during intraday trading. On this day, gold climbed as high as $5,595.44 per ounce, setting a new all-time high. Although some profit-taking led to a brief pullback, prices quickly rebounded.

Heightened military tensions between the United States and Iran are impacting commodity markets. President Donald Trump has repeatedly stated that the United States could intervene at any time in the protests taking place in Iran, and in fact, large-scale troops have begun to be deployed to the Middle East in recent days. On the social media platform Truth Social, he warned, "A massive fleet is heading toward Iran," adding, "The fleet, led by the aircraft carrier Abraham Lincoln, is even larger than the one sent to Venezuela."

The BBC reported, "Tracking the recent increase in U.S. military forces in the Middle East, at least 15 fighter jets have arrived at an airbase in Jordan," and added, "Dozens of newly arrived transport and refueling aircraft have been confirmed in the region, and drones and reconnaissance planes have been spotted operating near Iranian airspace." Amid these developments, U.S. Secretary of Defense Pete Hegseth stated at a White House cabinet meeting that "we are ready to carry out any mission President Trump expects," raising the possibility of military intervention.

There are also predictions that Iran, under U.S. pressure, could attack neighboring countries or blockade the Strait of Hormuz. The Strait of Hormuz is a key chokepoint through which 20% of the world's daily oil supply-20 million barrels-is transported by tanker, and any blockade would be expected to significantly disrupt supply chains. The Wall Street Journal (WSJ) analyzed, "The possibility of a U.S. attack on Iran could add a geopolitical premium of $3 to $4 per barrel to oil prices," and warned, "Prices could rise even further if tensions escalate."