Brent crude oil futures increased by up to 13% to USD 89 per barrel, before giving back some of their gains. Security of supply has once again become the most critical issue in the oil market, which was already at a two-month high before the attack.
Natural gas prices in Europe also experienced the sharpest increase in five weeks amid concerns over energy transportation through the Strait of Hormuz. All of Qatar's liquefied natural gas exports and about a quarter of the world's oil pass through the strait. Although there has been no interruption in physical supply for the time being, it is stated that delays in deliveries may occur if the ships change their routes.
Gold, on the other hand, stood out as a safe haven. Its price increased by as much as 1.7%, reaching USD 3,410 per ounce. Gold, which is approaching the record level of USD 3,500 in April again, continues to be the first choice of investors during periods of intensified geopolitical tensions. Silver rose similarly to USD 36.5 an ounce.
In the foreign exchange markets, the dollar regained strength after several days of decline. The dollar, which recovered against the euro and sterling, gained value as investors turned to safe assets.
US stock indices suffered steeper losses than other markets. Experts say that American investors have become more cautious about the possibility of a wider conflict in the Middle East.
All these developments cause uncertainty in the markets to remain high as it is not yet clear how Iran will respond. Analysts state that prices will find direction in line with expectations on whether the conflict will be limited to limited airstrikes or will lead to more extensive military tensions.
In terms of the iron and steel sector, rising energy prices and supply chain risks may increase production costs. In particular, delays in maritime transportation through the Strait of Hormuz may complicate the supply of raw materials. This may put upward pressure on iron and steel prices in the short term. However, depending on the level and duration of the conflict, the market may rebalance. Investors are focused on political and military statements from the region in the coming days.
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