Spot gold just touched the $4,650.00/ounce mark and is currently trading at $4,649.85/ounce, unchanged for the day; COMEX gold futures are currently trading at $4,675.20/ounce, down 0.20% for the day.

[Iran's Revolutionary Guard Warns US Allies: Will Strike US Oil and Gas Infrastructure] ⑴ Iran's Islamic Revolutionary Guard Corps (IRGC) warned US allies in the Persian Gulf region that Iran will not hesitate to strike US-related oil and gas infrastructure, a move that could plunge related industries into years of turmoil. ⑵ A statement from the Revolutionary Guard, released by Iran's Tasnim News Agency, stated: "US partners in the region must understand that until now, Iran has maintained extreme restraint and adhered to the principle of good neighborliness." ⑶ The statement also indicated: "US partners must understand that while Iran previously considered its targets for retaliation, from now on, those considerations will no longer exist."

[Fuel Prices Surpass $200, Delta Leads Baggage Fee Increase, Airline Industry Faces Cost Tsunami] ⑴ Delta Air Lines announced on Tuesday that it will raise baggage fees on domestic routes and some short-haul international routes. This is the first increase in domestic baggage fees in two years. United Airlines and JetBlue have also taken similar measures. ⑵ The increase stems directly from escalating tensions in the Middle East disrupting the Strait of Hormuz, a key oil transport route, leading to a surge in aviation fuel prices, significantly increasing operating costs and squeezing profit margins. ⑶ According to data from the International Air Transport Association (IATA), before the US-Israel strikes against Iran in February, the global average price of aviation fuel was around $85 to $90 per barrel, but it has now soared to around $209 per barrel. ⑷ Delta Air Lines stated that the first and second checked bags booked on or after Wednesday will each incur an additional $10 fee, and the third checked bag will incur an additional $50 fee. This move is intended to partially pass on the fuel cost pressure to passengers. (5) From a transactional perspective, fuel costs are the largest variable expense for airlines. A level above $200 per barrel is already approaching the break-even point for most airlines. If the risk of a Strait of Hormuz blockade continues, more airlines will be forced to follow suit with price increases or capacity cuts.