Platinum futures rose above $2,100 an ounce, reaching their highest since April 17, despite elevated inflation risks driven by heightened uncertainty in the Middle East and the prolonged disruption of the Strait of Hormuz. Ongoing difficulties in US–Iran diplomacy have heightened fears of prolonged disruption to the key shipping route, while reports indicated that President Trump is set to meet his national security team to discuss possible renewed military operations and measures to escort commercial shipping through Hormuz.

This kept energy prices elevated and expectations of further central bank rate hikes, dampening demand for non-yielding assets. 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 continue to limit growth, while Russia faces sanctions-related constraints.

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