Gold slides as Brent spikes above $100 amid oil tensions

By late July 2026, Brent crude repeatedly breached the $100‑a‑barrel level as Red Sea and Strait of Hormuz hostilities intensified. Houthi missile attacks on Saudi‑linked tankers and renewed US‑Iran friction lifted Brent to around $101‑$102 on 24 July before it moderated back into the $96‑$100 range, while WTI hovered near $90.

The price surge triggered a broad market sell‑off. U.S. equities fell sharply – the Nasdaq slipped more than 2 % and the S&P 500 and Dow Jones each dropped over 1 % – as higher energy costs fueled inflation worries and fed expectations of a September rate hike. Bond yields rose across major economies, and commodity‑focused funds such as the MSCI World ETF recorded declines.

Gold mirrored the equity move, slipping about 2 % to roughly $4,030 an ounce, reflecting reduced appetite for non‑yielding assets amid rising inflation expectations. OPEC’s modest production increase for September helped temper the rally, but analysts caution that continued disruptions could push Brent toward $120 later in the year, with corresponding impacts on gold and broader financial markets.