Platinum futures traded below $2,100 an ounce, hovering more than two-week lows, pressured by a broader retreat across precious metals. The decline came as surging energy prices fueled inflation concerns and strengthened the US dollar, reducing the appeal of non-yielding safe-haven metals. Oil surged above $100 per barrel for the first time since 2022 as the US-Israeli war with Iran entered its second week, with attacks on energy infrastructure and shipping disruptions through the Strait of Hormuz tightening global supply. The chokepoint typically handles about a fifth of the world’s oil trade, and recent tanker disruptions have prompted several Middle Eastern producers to curb output. Meanwhile, the platinum market remains structurally tight, with limited mine supply growth and expectations of another global deficit this year, while steady demand from the automotive sector for catalytic converters continues to support longer-term consumption.
