The US and Iran ended negotiations in Pakistan without reaching an agreement. On April 12, US President Trump posted on social media that the US Navy would begin blocking ships from entering or leaving the Strait of Hormuz.
On the morning of April 13, Brent crude and WTI crude oil futures opened sharply higher. As of around 7:30 AM Beijing time, Brent crude was up 7.95% at $102.77 per barrel, and WTI crude was up 8.66% at $104.93 per barrel.
In precious metals, spot gold and spot silver opened sharply lower. As of around 7:30 AM Beijing time, spot gold was down 2.27% at $4678.55 per ounce, and spot silver was down nearly 4% at $73.427 per ounce.
