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Last updated: July 22, 2026, 11:30 AM ET

Middle East Tensions Fuel Commodity and Bond Markets

Gold extended its gains amid a softer U.S. dollar and technical buying, as geopolitical tensions in the Middle East remained a key focus for investors. Oil prices but maintained elevated levels due to escalating attacks between the U.S. and Iran and threats to Red Sea shipping. European gas prices as traders worried about winter supplies, influenced by heatwaves and competition with Asian buyers. Kuwait set issue as it faces daily missile and drone attacks from Iran, while Goldman Sachs warned Brent crude could jump to $120 if the Strait of Hormuz remains disrupted. In response to sustained tensions, Defense Secretary Pete Hegseth $37.5 billion, with requests for up to $70 billion in