PRECIOUS METALS | Oil Jumps Over 3% as Iran Says It Closed the Strait of Hormuz

Oil prices rose more than 3% early Monday after Iran announced over the weekend that it had closed the Strait of Hormuz, and after the United States carried out two strikes on Iran early today, escalating tensions between the two countries. According to Jin10, WTI crude was up more than 3%, nearing $74 per barrel. Spot gold fell below $4,100, down nearly 0.8%, while spot silver dropped more than 2% to $58.65 per ounce. Nasdaq futures fell 0.4%. The U.S. dollar index (DXY) strengthened by more than 10 points, and 10-year U.S. Treasury futures fell 5 points.