In my February 12, 2026, Barchart article on crude oil prices, I concluded with the following:

Expect volatility in crude oil prices as increased production from Venezuela could be bearish, while the situation with Iran could turn explosive. 

The situation in Iran did indeed turn explosive. 

Spot gold prices pared back gains on Friday, keeping the yellow metal on track for a second straight week of losses, amid growing concerns over energy-fueled inflation from the U.S.-Israel war on Iran. 

Bullion saw some relief on Friday as the dollar and oil stalled their advance. The U.S. Treasury Department announced more waivers of some sanctioned Russian crude to offset supply shocks from Iran.

Oil prices moderated on Friday, but stayed elevated near the key $100 a barrel level, as concerns over supply disruptions stemming from the U.S.-Israel war outweighed U.S. plans to permit purchasing of some sanctioned Russian crude.

The U.S. dollar firmed on Friday, underpinned by worries that the Iran war could lead to an energy-driven inflation spike.

By 05:26 ET (09:26 GMT), the U.S. dollar index, which tracks the greenback against a basket of currency pairs, had risen by 0.4% to 100.13. The euro weakened against the dollar by 0.5% to $1.1459, while the British pound softened 0.5% to $1.3275.