Brent Surpasses $126 and Gold Awaits Interest Rate Path Amid 2026 Strait of Hormuz Tensions

 Inflationary pressures from record oil prices led gold to a weekly drop in May 2026, with the metal trading near $4,622 per ounce. Brent crude’s surge above $126 per barrel intensified fears of prolonged 2026 inflation, while renewed threats regarding the Strait of Hormuz raised geopolitical risk premiums. Investors are closely monitoring how these 2026 energy supply disruptions will influence central bank decisions on interest rates and the overall global economic recovery.