US Strikes Iran Again, Oil Rises, Gold Holds $4,500 as Peace Hopes Fade
June 2, 2026
US and Iran Exchange New Strikes – Ceasefire Strains
The US struck Iranian radar and command sites over the weekend in “self‑defense” after a drone was shot down. Iran’s Revolutionary Guard retaliated by attacking a US base. This marks the third such exchange since last week, further straining the fragile ceasefire. President Trump claimed Iran “really wants to make a deal,” but no progress has been confirmed.
Oil Rises on Supply Fears
WTI crude rose sharply to near $89 per barrel on Monday as markets priced in continued supply disruptions. The Strait of Hormuz remains blocked, and a US naval blockade stays in place. Key issues remain deadlocked: Iran’s nuclear program and control of the strait.
Gold Holds Above $4,500
Gold traded near $4,520 supported by safe‑haven demand.However, a strong dollar and rate expectations cap upside. Support4,450 and 4,355(200‑dayMA). Resistance at $4,580 and $4,600.
Dollar Index (DXY) Steady Near $99.20
DXY remains supported by safe‑haven flows and Fed hawkishness. Support at $98.70 - $98.60, resistance at $99.71 - $100.00.
Today's Key Data (June 2)
EU Unemployment Rate (May)US JOLTS Job Openings (Apr)Fed speakers: Williams, MesterTrading Takeaways
Oil: Bullish on supply risks, but volatile. Watch for any deal progress.Gold: Range‑bound. Support at $4,450,resistance at $4,580.Dollar: Supported by geopolitics and rate expectations.
