Commodity Compass - 7/24 - Brent Crude Approaches $100, Gold Finds Relief

The escalation in the Middle East did not pause this week — it expanded. Iran and the United States continue to apply military pressure throughout the Gulf, and the Houthis appear to have opened a second front, with activity threatening Saudi shipping lanes in a separate strait. Oil has now posted back-to-back double-digit weekly gains — fifteen and a half percent last week, ten percent this week — taking WTI from the high sixties to above ninety dollars in just two weeks. Brent is within striking distance of one hundred dollars per barrel.