As of April 4, gold, oil, and Bitcoin were moving in sharply different directions. Spot gold traded at $4,677 per ounce, up just $2 over 24 hours and nearly flat on the day, yet still down 9.38% for the month. Brent crude reached $112.42 per barrel, gaining 0.65% on the day and 40.98% over the past month. Bitcoin changed hands at $66,850, up $295 in 24 hours, while staying inside the $60,000 to $70,000 range.
Brent breaks above $112 as war premium lifts oil
Oil was the clear leader among the three assets. The source noted that before the U.S.-Iran conflict broke out on February 28, Brent crude had been trading around $80. One month later, it climbed to $112.42, with a yearly gain of 52.35%. WTI also touched $111.29 during the same period.
The move was tied to disruptions around the Strait of Hormuz. The report said the route normally carries about 20% of global oil shipments, and regional blockages have raised transport costs and supply uncertainty. Markets are also pricing in the risk of a broader shutdown scenario. Citing Fortune, the article said average U.S. gasoline prices had risen to $3.98 per gallon, exactly $1 above levels seen before the Iran conflict, while diesel prices were up 50%.
Gold pulls back from highs but stays strong on a yearly basis
Gold has entered a consolidation phase at elevated levels. On a yearly basis, it has climbed from $3,037 a year ago to $4,677, a gain of roughly 54%. The monthly view looks different. Gold hit a peak of $5,163 in early March before falling back to current levels.
Other precious metals were also trading at high levels, with silver at $73 per ounce and platinum at $1,978 per ounce. HSBC kept its forecast for gold to reach $5,000 in the first half of 2026, citing persistent geopolitical risk premiums and continued central bank demand.
Bitcoin stays range-bound as JPMorgan points to haven behavior
Bitcoin sat between gold and oil in terms of market behavior. It remained well below the record high of $126,000 set in October last year. The source put its monthly decline at 3.54% and its yearly drop at 19.85%, making it the only one of the three assets still down over a one-year period.
Even so, JPMorgan analysts said Bitcoin showed haven-like traits similar to gold during the shock tied to the Iran war, framing it as a real-time test of the “digital gold” thesis. The report said Bitcoin did not suffer the kind of steep decline seen in some past conflict-driven selloffs. Instead, it held inside the $60,000-$70,000 range. On the technical side, the article identified $64,400 as the next key support area, while a move above $71,000 with stability on the 4-hour chart could shift short-term momentum.