Trump's rejection of returning to an Iran agreement lifts oil and gold

Oil prices rose more than 2%, ending a three‑session loss streak, after hopes of a diplomatic breakthrough restoring energy flows through the Strait of Hormuz waned, while gold rose modestly and the dollar steadied ahead of a speech by Federal Reserve Chair Kevin Warsh.

Trump reaffirmed his stance, telling reporters at the White House: "We do not wish to talk to them, nor do we look forward to a meeting or anything of that sort," adding that Washington is focusing on economically sanctioning Tehran and the countries that continue to trade with it.

Reuters quoted a UBS analyst, Giovanni Stonovo, who said that the lack of progress in the talks and the continued restrictions on energy flows prompted the market to reassess the chances of reaching an agreement, after diplomatic optimism had pressured prices in previous sessions.

Kpler data showed that 10 commercial vessels passed through the Strait of Hormuz on Wednesday, a modest improvement but still below the ten‑day average of 15 ships per day, and the strait carried about one‑fifth of the world's consumption of oil and liquefied natural gas before the war.

In precious metals, spot gold rose 0.25% to about $4,605 per ounce at the time of writing, after falling 1.4% on Wednesday, while silver climbed 1.8% to $69.34, and platinum rose 0.6% to around $1,855.

Gold benefited from concerns about U.S. debt and deficits and the Treasury's expansion of long‑term bond repurchases, as well as demand from index funds and central banks, but the likelihood of high rates remaining limited its gains.