City Wise Rate:

Tensions in West Asia

Joint US and Saudi forces launched counter strikes targeting Iranian-backed militias in Iraq, retaliating against 30 IRGC guided drone attacks launched over the past month at targets including Saudi oil facilities.

This assertion was made soon after the US alleged that Iran had launched a series of ballistic missiles in a planned surprise strike targeting American troops at a base in Jordan.

Brent crude surged over 6% last Thursday, topping $100 a barrel for the first time since May. The sudden spike follows escalating conflict in West Asia and recent attacks on trade routes, which have intensified concerns over global oil supply shortages.

Middle Eastern regional tensions briefly calmed following the unexpected signing of a 60-day memorandum of understanding between the United States and Iran in mid-June 2026.

This short-lived pact was designed to suspend local combat operations and guarantee the protection of merchant ships traveling through vital international sea lanes. However, the delicate truce fell apart in short order.

Ongoing military attacks and persistent interference with shipping routes compelled both nations to officially revoke the deal, re-igniting active warfare and triggering a succession of counter strikes across the territory. With diplomatic channels collapsing yet again, widespread market fears have once more come to the fore.

Consequently, market participants are turning back to gold to function as a dependable safe-haven buffer against rising geopolitical instability and economic unpredictability.

At the same time, regional gold valuations continue to undergo everyday cost adjustments driven by international market movements, state import duties, and fluctuations in local currency exchange rates.