Oil gains as Venezuela and Iran fears grow

European markets have entered the final full week of 2025 on a largely tepid tone with many easing back ahead of a shortened week that looks likely to see lower volume and lower volatility. Coming off the back of a period that has seen a raft of big-ticket, market-moving events, traders are expecting things to calm down towards year-end. Today’s notable release in Europe saw UK GDP confirmed at 0.1% for the third quarter. This lays the groundwork for tomorrow’s US GDP release.

Gold and silver prices have pushed into fresh record highs this morning as traders once again pile into the precious metal space amid ongoing concerns about debt and fiscal sustainability in the face of record high yields in Japan. Notably the combination of diversification from gold holders and perspective loosening of carbon emissions in the US and Europe have helped drive impressive gains from the likes of platinum and Palladium.

In the energy space, we have seen oil prices rise as geopolitical concerns increase once again. Despite previous hopes that Trump could bring about a deal to end the war in Ukraine, the Kremlin have perhaps unsurprisingly stated that the recent changes from Ukraine and Europe to the peace proposals do very little to bring an agreement closer. Meanwhile, the reports of another seizure of a Venezuelan oil tanker in international waters further heightens fears of a conflict as the US military buildup in the seas around Venezuela continues. Finally, there are reports that Netanyahu seeks to brief Trump on the possibility of new strikes on Iran, further exacerbating tensions in the region.