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Trump's Hormuz reopening announcement sends gold near $4,900/oz, oil sharply lower

Kitco Media
By Ernest Hoffman
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Trump's Hormuz reopening announcement sends gold near $4,900/oz, oil sharply lower teaser image

(Kitco News) – 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.

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U.S. President Donald Trump posted to Truth Social shortly afterward as markets continued to rally on the news.

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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.

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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.

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Kitco Media

Ernest Hoffman

Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in Journalism from Concordia University. You can reach Ernest at 1-514-670-1339.

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Irangold priceCrude oil pricesNymex crude oil futures

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