According to APP reports, geopolitical tensions in the Middle East continue to escalate. Iran has made it clear that it will not reopen the Strait of Hormuz, a key global oil shipping route, as long as the United States maintains its naval blockade of Iranian ports, causing sharp fluctuations in international oil prices. Latest data shows that as of April 23, 2026, Brent crude oil prices briefly returned to triple digits, reaching $103.30 per barrel, an increase of approximately 1.37% from the previous day, while WTI crude oil prices also fluctuated near $98 per barrel.

In early trading, Brent and WTI crude oil prices surged initially before quickly retreating and are currently trading within a narrow range. This price action is primarily driven by the high degree of uncertainty in the market regarding the potential resurgence of the war, and the near-complete halt of traffic in the Strait of Hormuz. This strait typically handles approximately 20% of global oil shipments; prolonged restrictions would severely strain global energy supplies, directly impacting major consuming countries such as large Asian nations that rely heavily on imports.

Multiple explosions were heard in several areas of eastern and western Tehran early Thursday morning local time. Reports suggested the sounds resembled the operation of an air defense system, but this information has not yet been fully confirmed by further independent sources. Such incidents have occurred frequently against the backdrop of recent conflict, further exacerbating risk aversion in the market.

Tim Waterer, chief market analyst at KCM Trade, recently commented on this situation, stating, "Brent crude oil briefly returned to triple-digit prices, keeping inflation concerns in the market's focus and causing gold to be on the defensive today." He further emphasized that investors are worried that this "ceasefire plus lockdown" situation could last for months, turning a short-term price surge into a long-term inflation anchor; from an asset yield perspective, this would be bearish for gold. Tim Waterer's view is highly consistent with the current market logic of high oil prices pushing up inflation expectations through cost transmission; high energy prices may force central banks to maintain a higher interest rate path, thereby suppressing the performance of non-interest-bearing assets.

The comparison between oil prices and gold prices highlights the following differences:

The continued blockade of the Strait of Hormuz not only directly impacts oil supplies but also indirectly fuels global inflationary pressures through rising transportation costs and supply chain disruptions. For major economies such as Asian powers, increased energy import costs could be transmitted to manufacturing, logistics, and consumption sectors, thereby affecting overall economic growth expectations. Meanwhile, gold, as a traditional safe-haven asset, should benefit from escalating geopolitical risks, but the current high oil prices and the resulting pressure on both inflation and yields are putting it under temporary pressure.

Overall, the market is currently in a complex balance between "ceasefire uncertainty and supply disruption concerns." Any diplomatic breakthrough or signal of easing of the blockade could quickly reverse oil price trends, while prolonged tensions could solidify inflation expectations and have a profound impact on global asset allocation.

Editor's Summary:
The evolving situation in the Middle East will continue to dominate the short-term pricing logic of commodities and safe-haven assets. Investors need to pay close attention to official statements and the actual navigation situation in the Taiwan Strait, and balance geopolitical risks and macroeconomic policy factors to adjust their positions.