Global Markets in Turmoil: Oil Surges Amid US-Iran Clash While Tech and Bullion Dip

NEW DELHI — Global financial and commodities markets opened the week in a state of high volatility following a severe escalation in geopolitical tensions. As the United States and Iran exchanged intense military strikes over the weekend, energy markets spiked, while equities and precious metals experienced unexpected pullbacks. Investors closely monitoring gold silver prices saw a marginal decline despite the growing uncertainty in the Middle East.

Geopolitical Conflict & Waterway Standoff

The latest market shock stems from a fierce military standoff for control over the Strait of Hormuz. Following an attack by the Islamic Revolutionary Guard Corps on a commercial container ship transiting the vital waterway, the US military retaliated by hitting 140 targets on Saturday, followed by another wave of intense airstrikes on Sunday.

In the aftermath, Iran declared the Strait of Hormuz officially closed to maritime traffic. However, US President Donald Trump rapidly disputed the claim, asserting that the critical global energy route remains firmly open to commercial vessels.

Energy Markets Shock & Bullion Pullback

The direct threat to the world's most crucial energy transit corridor sent oil markets into overdrive. Crude oil prices jumped roughly 4%, with US crude futures rising 4.1% to $74.33 per barrel, and international benchmark Brent crude trading 3.88% higher at $78.96.

Conversely, the bullion market saw a surprising cooling off. Despite the geopolitical friction, domestic gold silver prices showed a marginal decline on July 13. On the Multi Commodity Exchange, mcx gold traded 1.12% lower at ₹142,410 per 10 grams, while mcx silver futures dropped 2.14% to ₹218,230 per kg.

For retail consumers checking the gold price today or the silver rate today, the slight downward shift provided a brief respite. Market experts suggest that the dip in the today gold rate is largely driven by traders booking profits after recent rallies, alongside pressure from a strengthening US dollar.

Global Financial Markets & Tech Slump

The geopolitical anxiety spilled over into global equities, triggering a broad sell-off. US stock futures dipped late Sunday night, with the Dow and S&P 500 both down 0.3%, and the Nasdaq-100 shedding 0.5%. The impact was far more severe in Asian markets, where South Korea's benchmark Kospi index experienced a massive 7% plunge.

The tech sector bore the brunt of the sell-off. Shares of South Korean memory-chip maker SK Hynix tumbled over 12% in Seoul on Monday. The sharp correction followed a massive 13% surge during the company's highly anticipated Wall Street Nasdaq debut on Friday, as nervous investors moved swiftly to lock in quick profits.

Retail Bullion Rates: City-Wise Breakdown

For domestic buyers, regional pricing variations remain in effect. Those looking up the gold rate today chennai or the gold rate today bangalore will find rates hovering closely around the national average.

Retail Gold Rates (per 10 grams) as of July 13, 2026:

Retail Silver Rates (999 Fine per 1 kg):

• Chennai: ₹218,050

• Hyderabad: ₹217,760

• Bengaluru: ₹217,590

• Mumbai: ₹217,410

• Kolkata: ₹217,130

• New Delhi: ₹217,020

(Note: All figures reflect the morning rates for July 13, 2026, and are subject to local taxes and making charges.)