Brent: ~$106–109
• WTI: ~$94–97
• Gold: ~$2,300–2,330 (range adjusted realistically)
Macro Role
Oil
• Supported by supply-side uncertainty
• Increasingly driving inflation expectations
Gold
• Acting as a partial hedge
• Facing headwinds from elevated real yields
➡️ Oil = inflation impulse
➡️ Gold = imperfect hedge