# Oil soars then retreats, gold drops as Iran war jolts global commodity markets

> Oil prices surged as much as 29% on March 9 to their highest since mid-2022 before settling about 7% higher. Gold fell more than 1% as the escalating Iran war squeezed energy supplies, boosted the dollar and dampened hopes for interest-rate cuts. Major Middle Eastern producers cut supplies over fears of prolonged Strait of Hormuz disruption.

- Date: 2026-04-01 · published 2026-04-01T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/6640-oil-soars-then-retreats-gold-drops-as-iran-war-jolts-global-commodity-markets
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Supply cuts from major Middle Eastern producers tighten crude availability and lift energy costs, while a stronger dollar weighs on dollar-priced commodities and reduces rate-cut expectations.

## Read by commodity

- DXY: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-01-14 | [WTI Nears Three-Month High As Iranian Protests Stoke Global Oil Market Concerns](https://feedsoft.ai/events/11395-wti-nears-three-month-high-as-iranian-protests-stoke-global-oil-market-concerns.md) | -0.3% | +5.1% |
| BRENT | 2026-03-01 | [How the attack on Iran could impact the global oil market and economy](https://feedsoft.ai/events/20773-how-the-attack-on-iran-could-impact-the-global-oil-market-and-economy.md) | +31.0% | +62.6% |
| BRENT | 2026-04-01 | [How the Iran War Is Disrupting Global Oil and Gas Supply](https://feedsoft.ai/events/20364-how-the-iran-war-is-disrupting-global-oil-and-gas-supply.md) | -12.2% | -1.1% |
| BRENT | 2026-03-03 | [Global oil and gas prices soar as Iran crisis disrupts shipping, production \| Reuters](https://feedsoft.ai/events/8777-global-oil-and-gas-prices-soar-as-iran-crisis-disrupts-shipping-production.md) | +24.7% | +51.3% |
| BRENT | 2026-04-02 | [Oil price jumps and markets slide after Trump warning to Iran \| Oil \| The Guardian](https://feedsoft.ai/events/12923-oil-price-jumps-and-markets-slide-after-trump-warning-to-iran-oil-the-guardian.md) | -2.8% | +8.2% |
| WTI | 2026-01-14 | [WTI Nears Three-Month High As Iranian Protests Stoke Global Oil Market Concerns](https://feedsoft.ai/events/11395-wti-nears-three-month-high-as-iranian-protests-stoke-global-oil-market-concerns.md) | -0.8% | +6.2% |
| WTI | 2026-03-01 | [How the attack on Iran could impact the global oil market and economy](https://feedsoft.ai/events/20773-how-the-attack-on-iran-could-impact-the-global-oil-market-and-economy.md) | +35.6% | +50.4% |
| WTI | 2026-04-01 | [How the Iran War Is Disrupting Global Oil and Gas Supply](https://feedsoft.ai/events/20364-how-the-iran-war-is-disrupting-global-oil-and-gas-supply.md) | -6.6% | +6.7% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-soars-25-gold-drops-iran-war-jolts-global-commodity-markets-2026-03-09/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.