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Industrial Metals Tumble as US-Iran Tensions Flare in Persian Gulf

Copper and other industrial metals extended declines after the US conducted fresh military strikes in the Persian Gulf, dimming prospects for a negotiated end to the Iran conflict. Oil prices surged on the strikes. Both sides remained far apart on terms to reopen the Strait of Hormuz and halt hostilities. The escalation triggered declines in equity and bond markets amid inflation concerns tied to higher energy costs. Gold extended losses as peace deal hopes deteriorated. US sanctions pressure on Tehran intensified as diplomatic channels showed little progress. Market participants cited conflicting signals from Washington and Iran regarding a potential settlement, leaving uncertainty about whether military tensions would persist or de-escalate.