
Platinum futures traded around $1,600 an ounce, hovering near late-November levels, pressured by broad weakness across precious metals as escalating tensions over the Strait of Hormuz revived inflation concerns. US President Donald Trump reinstated a blockade on Iranian vessels transiting the Strait of Hormuz and called on countries benefiting from US efforts to secure the vital shipping route to share the costs, pushing oil prices sharply higher. The move followed renewed hostilities between Washington and Tehran, with the US targeting Iran’s maritime capabilities while Tehran retaliated against US allies in the region. Despite the decline, platinum’s fundamentals remained supportive, with the market on track for a fourth straight annual deficit due to constrained South African mine output and weak recycled supply. The World Platinum Investment Council expects above-ground stocks to fall to just 2.3 million ounces, equivalent to less than three months of global demand.





