International oil prices surged while gold and silver prices continued to fall on July 13th, influenced by escalating tensions between the United States and Iran.
International crude oil prices saw significant gains. By 10:00 Beijing time, WTI crude oil futures had broken through $74 per barrel, rising by 4.30%.
Gold and silver prices remained under pressure. Spot gold dropped below $4,100, with London spot gold falling 1.21% to $4,070.540 per ounce. Spot silver declined 1.82% to $58.75 per ounce.
Domestic gold jewelry prices in China followed the downward trend. Chow Sang Sang's pure gold jewelry was quoted at 1,238 yuan per gram, down 13 yuan from the previous day's price of 1,251 yuan. Lao Feng Xiang's pure gold jewelry was quoted at 1,240 yuan per gram, a decrease of 5 yuan from the prior day.
The price movements followed a new round of US military strikes against Iran. The US Central Command announced on social media that strikes began at 17:00 Eastern Time on the 12th, marking the fourth such action by US forces within a week.
The operation was conducted on the orders of the US President with the stated aim of continuing to degrade Iran's capability to attack commercial shipping in the Strait of Hormuz.
A spokesperson for US Central Command stated to American media that US aircraft had successfully intercepted an Iranian cruise missile and a one-way attack drone after Iran's Islamic Revolutionary Guard Corps fired on merchant vessels transiting the strait.
Additional US media reports cited officials stating that US forces conducted several strikes against missiles, air defense systems, and small boats of the Iranian Revolutionary Guard Corps at multiple locations around the Strait of Hormuz.
Iranian media reported explosions in several areas, including the port of Abbas and the Sirik region. Iranian news agency IRNA reported that a US strike in Iran's Khuzestan province in the early hours hit an agricultural pumping station, resulting in one death and four injuries.
This follows a series of prior military exchanges. US Central Command stated it had completed its third strike in a week on the 11th, targeting approximately 140 Iranian military objectives. Iran subsequently announced a series of strikes against US targets in the Middle East.
The recent hostilities began when the US conducted military strikes on July 7th and 8th, citing responses to recent Iranian attacks on commercial ships. Iran retaliated with missile and drone attacks on US facilities in Bahrain, Kuwait, Qatar, and Jordan.
The United Nations Secretary-General has urged the US and Iran to resume negotiations. A spokesperson issued a statement expressing deep concern over the serious escalation and resumption of military confrontation in the Gulf region.
The statement called for an urgent return to diplomatic talks to resolve outstanding issues through peaceful means. It emphasized that all attacks must cease and urged maximum restraint to avoid further escalation, highlighting that a return to full-scale hostility would have catastrophic consequences for regional populations, international peace and security, and the global economy. The statement also reiterated the necessity of restoring full freedom of navigation in the Strait of Hormuz.
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