Gulf states tell US ending the war is not enough, Iran’s capabilities must be degraded - Reuters

The Gulf states aren't satisfied with just ending current hostilities. They want Iran's military capabilities permanently reduced. This tells me the regional tension premium in oil isn't going anywhere soon. Higher energy costs feed directly into inflation expectations, which keeps central banks in a bind. They can't cut rates aggressively with persistent inflationary pressures. Meanwhile, gold benefits from both the geopolitical uncertainty and the monetary policy constraints. Silver gets the industrial demand boost from higher energy infrastructure spending. The Gulf states have massive sovereign wealth funds that have been rotating into hard assets. This positioning suggests they see prolonged instability ahead. Physical demand from the region remains strong.