The US military said it destroyed five Iranian crude oil tankers near Kharg Island after Iran’s Revolutionary Guard Corps targeted a US Navy warship twice with ballistic missiles over two days. Brent crude climbed and approached the $100-per-barrel level as investors weighed the risk of further disruption in the Strait of Hormuz. In China, consumer inflation rose for the first time since April, while factory-gate prices increased more than expected, driven by higher food and energy costs. GrafTech International said it will raise graphite electrode prices by at least 30%, sending its shares up 15%.

Spot gold rose 0.4% to $4,372.19 an ounce on Wednesday, supported by a subdued U.S. dollar. Renewed attacks between the United States and Iran, along with upcoming U.S. inflation readings, kept attention on the interest-rate outlook. Expectations of a Federal Reserve rate hike continued to cap bullion, even as concerns over dollar debasement trades and fiscal deficits lent support. Spot silver gained 0.4% to $66.00, platinum climbed 1% to $1,831.76, while palladium slipped 0.3% to $1,344.69.

India’s Sensex and Nifty slid in early trade on Wednesday, falling to 75,060.61 and 23,506.10. Brent crude futures moved close to the $100-a-barrel level, trading at $99.33, as tensions in West Asia escalated. Heavyweights including HCL Tech and Infosys led the declines, after the Sensex had already ended the previous session down 0.73%.

U.S. forces destroyed five Iranian crude oil carriers on Tuesday, lifting concerns about supply disruptions in the Middle East. Brent crude futures rose 1.49% to $99.38 a barrel, while WTI gained 1.54% to $94.46 per barrel. U.S. equity futures were mixed, with Dow futures down 0.11% as S&P 500 and Nasdaq 100 futures edged higher.

International oil prices rose for a fourth session on September 9, with Brent crude futures at $99.49 a barrel and WTI at $94.63. Iran’s Revolutionary Guards launched a fresh round of attacks on U.S. destroyers and a U.S. base in Jordan, describing the strikes as retaliation for U.S. action against Iranian oil tankers. Goldman Sachs warned crude could reach $120 a barrel if attacks on Middle East shipping intensify, while JPMorgan said each additional month of supply disruption could add $7 to $8 a barrel to Brent.

Escalating tensions in the Middle East have pushed international oil prices toward $US100 a barrel. Despite a continued US military presence in the Persian Gulf, crude shipments through the Strait of Hormuz have fallen to about one-third of prewar levels. Iran-aligned Houthis have attacked Saudi refining facilities and are threatening pipelines carrying about 5 million barrels a day, raising the risk of another round of energy-driven inflation and broader economic strain.

Spot gold fell 0.1% on Wednesday to $4,349.44 per ounce, while December futures slid 1% to $4,393.30. Rising oil prices tied to the Middle East conflict have intensified inflation concerns, reinforcing expectations that the Federal Reserve will signal a rate increase this week. A Reuters poll found the Bank of England is expected to keep its 3.75% rate unchanged through mid-2027. Elsewhere, silver dipped 0.1%, platinum rose 0.6% and palladium fell 0.2%.

Rio Tinto shares have risen 53% over the past 12 months and are up 21% year to date. Copper futures have climbed to around US$6.8 per pound from about US$4.5 roughly 12 months ago, lifting underlying EBITDA in the company’s copper business 84% to US$5.7 billion and taking it to roughly 36% to 39% of group earnings. In the first half of FY26, Rio Tinto reported a 28% increase in underlying EBITDA while the ASX 200 was broadly flat over the same period.