Oil jumps about 4% on Wednesday; Brent nears $95 as gold holds close to $4,130

Oil prices rose about 4% in early trading on Wednesday 22 July 2026, with Brent reaching roughly $95 a barrel, its highest in several weeks, after an eleventh consecutive night of US strikes on Iran. According to CNBC, the jump gathered pace after US Secretary of State Marco Rubio said Iran is not serious about peace talks. Concern over disruption to export routes, above all the Strait of Hormuz, has been the main driver of the rally.

At the same time, spot gold traded near $4,127 an ounce, holding close to recent records as safe-haven demand amid the US-Iran tensions kept the metal elevated. The global rise in oil and gold feeds directly into Iran's domestic market, from coin and gold prices to inflation expectations.