Platinum futures dropped more than 2% to below $2,100 an ounce, easing from a four-week high hit on April 17 amid a broader retreat across precious metals. The decline came as renewed hostilities in the Strait of Hormuz drove oil prices sharply higher, with tensions between the US and Iran clouding diplomatic prospects ahead of a looming ceasefire deadline. The prolonged conflict has triggered a historic energy supply shock, fueling inflation risks and expectations of further central bank rate hikes, which weighed on precious metals. Meanwhile, the platinum market remains structurally tight, with output concentrated in South Africa and Russia, making production highly vulnerable to disruption. In South Africa, aging mines, high power costs, and only gradual gains from new projects like Platreef continue to limit growth, while Russia is expected to see lower output due to sanctions-related constraints. Recycling has improved but remains insufficient to offset falling mine supply.

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