Oil (Primary Macro Driver)
| Contract | Price |
| Brent Crude | ~$103–111 |
| WTI Crude | ~$97–105 |
Gold
| Asset | Price |
| Spot Gold | ~$4,500/oz |
Macro Role
Oil
- Hormuz disruption continues tightening supply
- Global inventories remain under pressure
- Inflation transmission remains direct
Gold
- Defensive demand supported
- Higher real yields limiting upside momentum
➡️ Oil remains the dominant macro variable globally.