Gold prices have reached a three-month high in anticipation of upcoming U.S. inflation data and a speech by the Federal Reserve chair. Meanwhile, oil markets are experiencing volatility as the U.S. prepares to unveil new sanctions against Iran, leading to declines in oil prices. The geopolitical tensions surrounding the Strait of Hormuz remain a critical factor, with potential threats to oil supply intensifying. Reports suggest that global oil inventories are declining while traders brace for further economic sanctions and the impact on crude prices. As the situation develops, market participants are cautious, awaiting further news on the U.S.-Iran conflict and its implications on energy prices.