US-Israel Invasion of Iran May Cap Crude and Gold - Gold and crude oil may show signs of peaking if the conflict is quick and infrastructure isn't impaired. Both were up about 20% in 2026 before Feb. 28. If typical swift US military action renders Iran defenseless, both the store of value and the industrial commodity appear vulnerable. Gold is a stretched bull market underpinned by geopolitical tensions. A subdued Iran could follow Venezuela and Syria, further isolating Russia and China. "Unsustainably high" may describe the 79 barrels of WTI crude oil equal to an ounce of gold on Feb. 27. Crude oil is an enduring bear market that jumped to the high end of its range in anticipation of a possible supply cut due to hostilities in the Middle East. The price bounce has allowed Western producers to hedge and bring on more supply, as indicated by backwardation in the futures curve. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tb85b7kip3ib {BI COMD} #gold #crudeoil #iran @markets(Mike McGlone)