Platinum futures traded around $1,600 an ounce, hovering near their lowest level since November 2025 as precious metals broadly weakened after renewed clashes in the Middle East reignited inflation concerns. Although the US and Iran agreed to pause further attacks after recent exchange of strikes around the Strait of Hormuz, oil prices climbed as the latest escalation disrupted the recovery in oil shipments through the key waterway that had followed an earlier interim deal. The US dollar also remained broadly stronger, making dollar-denominated commodities such as platinum more expensive for buyers of other currencies. Markets continue to anticipate that the Federal Reserve will raise rates this year after a hawkish tone from new Chair Kevin Warsh and upward revisions to inflation forecasts. Meanwhile, the platinum market remains structurally tight as output from major producers South Africa and Russia remains constrained by aging mines, high costs, and sanctions-related disruptions.

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