Oil prices are rising sharply. President Trump has signaled a major escalation in the Iran conflict. This raises fears of an energy shock impacting the global economy. Asian stocks saw a slight increase. Investors are closely watching military actions and the Strait of Hormuz. Inflation data is also a key focus for markets.
Gold steady as Mideast escalation tempers easing inflation optimism
Gold prices remained stable as U.S. inflation data showed easing pressures. However, Middle East conflict escalation drove oil prices higher, reviving energy cost concerns. U.S.
July 16, 2026