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Line chart comparing WTI crude oil and gold spot prices from late June through mid-July 2026.

Washington dropped its proposed toll on Gulf shipping Tuesday afternoon, replacing it with trade commitments from Gulf states, even as the underlying naval blockade of Iranian ports took effect as scheduled. WTI crude pared back most of Monday's spike because the toll was the specific catalyst for that surge, while gold's recovery reflects a separate, unresolved concern, since Fed Chair Kevin Warsh declined to call June's cooler inflation print a resolved story in his first congressional testimony.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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