Global Oil Prices Rise, Gold Weakens as Market Gripped by US-Iran Conflict
The surge in oil prices and the weakening of gold reflect a global market gripped by the US-Iran conflict, amid the tug-of-war between geopolitical risks and interest rate directions.
Global oil prices strengthened at the close of trading on Monday (6 April 2026) local time, or Tuesday (7 April 2026) morning WIB, in line with rising tensions in the Middle East that are disrupting global energy supplies.
Citing Reuters, Brent crude oil closed up 74 cents or 0.68 percent at $109.77 per barrel, or approximately Rp 1,811,205 per barrel (exchange rate Rp 16,500). Meanwhile, West Texas Intermediate (WTI) crude strengthened by 87 cents or 0.78 percent to $112.40 per barrel, or approximately Rp 1,854,600 per barrel.
This increase occurred amid heated rhetoric between the US and Iran, although the two countries are still engaging in indirect talks aimed at de-escalating the conflict.
To curb oil prices, the market assesses that halting attacks must be followed by reopening the Strait of Hormuz, a vital route through which about one-fifth of the world’s oil and gas supplies pass. However, the route remains largely closed to date due to attacks on ships since the conflict began on 28 February 2026.
Nevertheless, shipping data shows that some vessels from countries considered “friendly” by Iran are still permitted to pass through.
“The market is trying to understand what will happen next. The most important news this weekend is that some ships managed to cross the strait,” said SEB Research analyst Ole Hvalbye.
On the other hand, geopolitical pressure has also spread to the precious metals market, but in a different direction.
Rather than strengthening as a safe-haven asset, gold prices weakened due to being held back by expectations of high interest rates.
This movement reflects the cautious stance of investors awaiting certainty on the conflict, while also considering the direction of global monetary policy.
Head of global commodities strategy at TD Securities, Bart Melek, said the market is now faced with two main pressures, namely war and interest rates.
“The market’s focus will likely remain on the war and interest rates. If the conflict drags on, oil prices will continue to rise due to increasingly tight supplies, thereby adding inflationary pressure,” Melek stated.