Oil Surges 5% and Gold Climbs 1% as Commodities Rebound

Oil prices spiked 5% to $61 per barrel following renewed sanctions-driven supply concerns, while gold gained 1% on safe-haven inflows. Analysts cited a rare synchronized commodities rally as investors hedged against inflation and geopolitical uncertainty. The dual-session rebound marked the strongest performance since mid-2024, with energy and metals ETFs seeing record volumes. Traders expect volatility to persist as markets digest mixed economic data and anticipate Friday’s CPI release for cues on inflation trajectory.