Platinum futures remained below $1,650 an ounce, hovering near their lowest levels since November 2025 as precious metals broadly weakened amid renewed US–Iran tensions. The United States launched a new wave of strikes against Iran and revoked a license that had allowed Tehran to sell oil, following recent attacks on vessels transiting the Strait of Hormuz. This renewed escalation threatened the interim US–Iran peace deal, pushed oil prices higher, and stoked concerns that stubborn inflation could keep interest rates elevated, pressuring non-yielding assets such as precious metals.
Still, losses in platinum were limited by expectations of a fourth consecutive annual market deficit, as mine output in South Africa remains constrained and recycled supply subdued. The World Platinum Investment Council forecasts that above-ground platinum stocks will decline to just 2.3 million ounces—equivalent to less than three months of global demand—while robust investment flows and continued substitution of platinum for palladium in autocatalysts are providing additional support to prices.
