Platinum futures rose above $1,780 an ounce, rebounding from a recent six-month low, as precious metals advanced following news of a tentative peace agreement between the US and Iran that would reopen the Strait of Hormuz. The deal, expected to be signed in Switzerland on June 19, reportedly includes lifting blockades, easing sanctions on Iran, and dismantling Tehran’s nuclear program.
In response, oil prices fell to a two-month low, easing concerns about rising inflation and further interest rate hikes that have pressured non-yielding metals. At the same time, the platinum market remains structurally tight, with the World Platinum Investment Council forecasting a fourth consecutive annual supply deficit in 2026. Production from key suppliers South Africa and Russia continues to be constrained by aging mines, elevated costs, and sanctions-related disruptions, while demand from the automotive sector is underpinned by the growth of hybrid vehicles and stricter emissions standards.
