Crude oil prices hover at $107/bbl amid supply concerns through Strait of Hormuz, COMEX gold down 3.4%; US stocks close lower

Crude oil prices in the global market were trading around $107 per barrel (bbl) during the early hours on Monday, March 23, 2026, as tensions loomed over a potential supply crunch in the global energy market after Iranian President Masoud Pezeshkian’s comments on Strait of Hormuz closure.

The international gold prices and the US markets last week both closed lower amid the escalating tensions between the United States and Iran over key energy trade and the ongoing conflict which entered its fourth week.

Brent crude oil prices hit $112.55 per bbl during the early hours on Saturday India time, amid the heightened uncertainty over the development in West Asia. However, the crude oil rates opened lower at $108.42 per bbl on Monday as the Western allies agree that reopening the key trading passage, Strait of Hormuz, is essential for global shipping.

The West Texas Intermediate (WTI) crude oil prices hit a high of $98.74 in the early market hours on March 21, and then unlike Brent crude, the futures opened higher at $99.92 per bbl on Monday.

Crude oil prices today

As of 7:18 a.m. (IST), the Brent crude oil futures were trading $107.14 per bbl on Monday, compared to $106.41 per bbl at the previous commodity market close, according to the data collected from Investing.com.

While the US-based WTI crude oil prices were also trading 0.47% higher at $98.68 per bbl in the early market hours on Monday, compared to $98.23 per bbl at the previous market close, as per the data.

COMEX gold prices today

The New York Mercantile Exchange-based COMEX gold prices were trading 3.4% lower at $4,418 per ounce in the early market session on Monday, March 23, compared to the $4,574.90 per ounce at the previous market close, according to the exchange data.

The global gold prices were trading near their record low levels for 2026 as the commodity is edging towards the $4,341 level, which is so far the record low for the precious metal. Aside from gold prices, the silver rates were also trading 3.9% lower in the global market at $66.89 per ounce on Monday, compared to $69.664 at the previous market close.

What’s fuelling the falling prices today?

Global oil prices and the gold and silver rates were falling in the international market during the early market hours on March 23, after Iranian President Masoud Pezeshkian said that the Strait of Hormuz will be open to all except for the ones who ‘violate our soil.’

“The illusion of erasing Iran from the map shows desperation against the will of a history-making nation. Threats and terror only strengthen our unity. The Strait of Hormuz is open to all except those who violate our soil. We firmly confront delirious threats on the battlefield,” said Masoud Pezeshkian in his post on X.

As the US-Iran conflict entered its fourth week on March 23, the intensifying threats from both sides on key energy infrastructure and trade passage for oil is driving the market sentiment for traders this week.

According to a BBC report, this comes amid US President Donald Trump’s statement on how the United States is considering “winding down” its military efforts in the region, and also said that America was close to “completely degrading” Iran’s missile capabilities and destroying its defence industrial bases.

While the tensions have a direct impact on the oil prices, the falling rates in precious metals show the focus of investors on other assets like the stronger US dollar at 99.605 and the government treasuries amid the dynamic geopolitical uncertainty. The gold prices have an inverse relationship with the US dollar as higher value of the greenback will purchase a lesser quantity of gold.

US stock market snapshot

The US stock indices like the Dow Jones, S&P 500, and Nasdaq Composite closed lower after Friday’s trading session as investors focused on the West Asia conflict and the fading expectations of a rate cut in the near future.

The Dow Jones Industrial Average closed 0.96% lower at 45,577.47 points, compared to 46,021.43 points at the previous market close, according to MarketWatch data. Stocks like Verizon, Visa, Goldman Sachs, and Walt Disney were among the gainers, while others like IBM, Honeywell International, Nvidia, and Boeing were among the losers.

The S&P 500 index closed 1.51% lower at 6,506.48 points, compared to 6,606.49 points at the previous market session, MarketWatch data showed. Stocks like Marsh, APA Corp., Aon Plc, and Trade Desk were among the gainers, while Super Micro Computer, Vistra Corp, Constellation Energy, and Mosaic were among the losers.

The Nasdaq Composite index also closed 2.01% lower at 21,674.61 after Friday’s market session, compared to 22,090.69 points at the previous market close. MarketWatch data showed that stocks like AleAnna Inc., Ridgetech, Roma Green Finance, and Caesarstone were among the gainers, while Mangoceuticals, QVC Group, GD Culture Group, and Zhengye Biotech were among the losers.