Turkey gold, fuel prices rise as oil hits $100

The July 22 surge in Brent crude past $100 a barrel, sparked by renewed U.S.–Iran confrontations and Houthi attacks on Saudi tankers in the Red Sea and Bab el‑Mandeb, amplified supply‑risk concerns in the Hormuz and Bab el‑Mandeb straits. The price jump reinforced earlier market moves that had already lifted Turkish gram gold above 6,200 TL and pushed quarter‑gold past 10,000 TL.

Turkey’s response to the oil rally included the removal of the diesel special‑consumption tax (ÖTV) and signals of further pump‑price hikes, mirroring fuel‑price pressures that also surfaced in Spain, Greece and Argentina. Analysts warned that the higher oil revenues could aid export earnings abroad while Turkish consumers face mounting transport costs, adding to inflation worries.

U.S. President Donald Trump’s social‑media warning that the United States would “destroy a bridge or a power plant” after any Iranian attack in the Strait of Hormuz further heightened market alarm. The combined geopolitical tension and oil price spike have kept central‑bank policy discussions active, with continued buying of gold by the Turkish and Chinese central banks supporting the recent gold price recovery.