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The U.S. and Israel launched Operation Epic Fury early Saturday morning, with coordinated strikes inside Iran. Iran's Supreme Leader Ali Khamenei has been confirmed dead. Unlike Venezuela, Iran has the capability to fight back, with ongoing missile and drone attacks aimed at Israel and U.S. bases across several Gulf and Arab host countries.

I expect gold to test the upper channel around 5400 to 5450 shortly after the Sunday open, silver to test resistance around 102, and Crude to test our target of 72. Note that the current conflict's impact on oil prices has been contained to the Strait of Hormuz blockade and has not caused widespread destruction of oil and gas infrastructure. Should that occur, oil could easily spike above 100.

A break above 80 to 85 signals further upside toward 110 to 120. I'll provide more updates if the U.S. Iran situation escalates.

CL monthly chart

The charts below show vessel traffic in the Strait of Hormuz. Red dots and red triangles are tankers.

2026-02-23 Strait of Hormuz vessel traffic

2026-02-24 Strait of Hormuz vessel traffic

2026-02-28 Strait of Hormuz vessel traffic

2026-03-01 Strait of Hormuz vessel traffic