The United States granted Iran a 60-day sanctions reprieve to restart crude exports, lifting Brent crude to $78.03 a barrel. However, Washington and Tehran offered conflicting accounts of the nuclear talks, leaving geopolitical risks largely unresolved. Asian equities were mixed—Japan’s Nikkei 225 fell 0.6% while Taiwan’s benchmark gained 0.9% to a record high—and U.S. tech weakness pushed the Nasdaq down 1.32% as the Dow rose 0.29%.

On June 22, 2026, MCX gold futures for the August 5 expiry traded at ₹1,47,237 per 10 grams, down ₹2,072, or 1.39%, from the previous close. The contract moved between ₹1,45,710 and ₹1,48,343 during the session. The report links the decline to shifting global interest-rate expectations, currency swings and geopolitical developments, alongside a cautious market tone. Silver is described as facing pressure in futures trading, though no specific futures price is provided.

Iran halted quadrilateral technical talks in Switzerland with the US, Qatar and Pakistan after President Donald Trump publicly threatened to hit Iran “very hard.” The discussions had been focused on licences for Iranian oil sales, the release of frozen Iranian assets and a maritime security mechanism for safe passage through the Strait of Hormuz. Tehran said technical work had made progress, but it withdrew from the four-party format following the US warning. The move underscored renewed Gulf geopolitical tensions that have unsettled expectations for stable crude supply.

Donald Trump issued a forceful warning to Iran, saying the US would respond militarily if Tehran tries to close the Strait of Hormuz and could even take control of the waterway. Iran later said it has again closed the strait and that the closure has lasted nearly four months. The strait carries about 20% of global seaborne crude oil, and Iran described the blockade as the “biggest disruption to global energy supplies in history.”

U.S. stocks finished the week higher, with the Nasdaq Composite up more than 2.5%, the S&P 500 rising about 1%, and the Dow Jones Industrial Average gaining 0.7%. The advance was led by AI-linked technology strength, with semiconductor and broader tech shares standing out. Easing Middle East tensions and a pullback in oil prices also helped, while the Federal Reserve holding rates steady and a stronger dollar underscored ongoing policy constraints. The move was described as an event-driven, technical rebound rather than one tied to specific earnings or a policy shock.

On June 20, Brent crude rose to $80.57 a barrel and WTI to $76.54. India’s state-run oil marketing companies have kept retail petrol and diesel prices unchanged for nearly a month despite swings in global crude. OMCs are currently losing about Rs 30 a litre on petrol and Rs 27 a litre on diesel, leaving cost pressures unresolved. The government has said fuel price revisions involve shipping and refining lags, and there is no plan for an immediate cut.

A large-scale Ukrainian drone strike on a major oil refinery near Moscow sparked a fierce fire and heavy smoke, after which some parts of the Russian capital reported an oily black drizzle. Residents posted videos showing black, greasy residue coating cars and streets, raising health concerns. At least 17 people were injured across the wider Moscow area, the BBC reported. Authorities issued health guidance and advised elderly people, children and those with respiratory conditions to temporarily avoid polluted areas.

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Commercial ships in the Strait of Hormuz came under fire despite a US-Iran Memorandum of Understanding (MoU) aimed at ending the Middle East war and keeping the waterway open. Iran’s Islamic Revolutionary Guard Corps (IRGC) allegedly launched drones that were intercepted by the US military, according to the Israel-based Jerusalem Post. A US official confirmed to NBC that the IRGC was involved and said the military is stepping up coordination with commercial vessels. The Strait of Hormuz carries about 20% of global seaborne oil, underscoring heightened security risks in the channel.