Gold Recovers After Prolonged Slide as Oil Rallies on Supply Shock

Precious metals and energy markets started the week on a stronger footing, with gold rebounding after six straight days of declines and crude oil prices surging on fresh supply disruptions.

Gold Finds Support

After testing its 100-day moving average last week, gold is staging a recovery. The metal’s next technical target lies near the 50-day moving average at $2,654. Analysts note that the bounce comes at a time of rising geopolitical risks, which could reinforce gold’s safe-haven appeal in the near term.

Oil Spikes on Norway Outage

In energy markets, WTI crude oil futures jumped 3% on Monday to settle near $69 per barrel. The rally was sparked by a sudden production halt at Norway’s Johan Sverdrup field—the largest oilfield in Western Europe—after an onshore power outage forced operations offline. The disruption tightened supply expectations and revived bullish momentum in oil markets.

Geopolitical Tensions Add Tailwinds

Both commodities also drew strength from renewed geopolitical risks. Russia launched its largest air assault in nearly three months, heavily damaging Ukraine’s power infrastructure and raising concerns over further escalation. Traders warn that heightened instability could amplify volatility across safe-haven and energy-linked assets.