Middle East Tensions Propel Gold to $5,374, Oil Prices Higher Amid Global Risk-Off Shift on March 2

Escalating Middle East tensions on March 2 triggered a significant risk-off sentiment across global markets, according to BlockBeats. This geopolitical uncertainty propelled funds into safe-haven assets and commodity markets. Spot gold surged 1.8% to $5,374 per ounce, and spot silver climbed 2.6% to $96 per ounce during early Asian trading on Monday. Brent crude reached $82.37 per barrel, with WTI crude hitting $80.82 per barrel. Concurrently, U.S. stock index futures opened lower, with Nasdaq and Dow futures down over 1%. Market participants expressed concern over a potential escalation between the U.S. and Iran, which could disrupt shipping through the Strait of Hormuz, a critical global oil trade route. Institutions warned that oil prices reaching $90–100 per barrel could reignite inflationary pressures, potentially influencing the Federal Reserve's rate-cut trajectory.