Gold Falls, U.S. stock futures fall, oil rises above $100

April 23, 2026

Summary

Gold fell as U.S.-Iran tensions around the Strait of Hormuz kept pressure on energy markets and inflation expectations.

Why this matters

The Strait of Hormuz is a critical route for global energy supplies, so disruptions there can affect oil prices, inflation, and interest-rate expectations. Those shifts can move markets well beyond commodities, including currencies, bonds, and equities.

Gold and U.S stock futures fell Thursday after the United States extended a ceasefire with Iran, while markets continued to assess disruptions around the Strait of Hormuz and the risk of higher inflation.

Bullion dropped as much as 1%, trading near $4,700 an ounce. President Donald Trump said the truce agreed to on April 7 would remain in place indefinitely while Washington waited for Iran to submit a new peace proposal. Tehran said it had no plans to take part in negotiations soon.

Spot gold fell 0.8% to $4,702.96 an ounce as of 9:45 a.m. in London. Silver slid 2.7% to $75.62 an ounce. Platinum and palladium also declined.

S&P 500 futures slid about 0.6% after the benchmark closed at another record. Futures tied to the Dow Jones Industrial Average and the Nasdaq 100 also fell 0.6%.

Oil rose for a fourth straight day. The Strait of Hormuz remained blocked as the two sides sought control. Brent crude futures climbed above $104 a barrel, while West Texas Intermediate crude topped $95, up about 2%

The extension marked a shift from Trump’s earlier threat to resume bombing Iran if no deal was reached by a Wednesday deadline. But the two sides remained in conflict over control of the Strait of Hormuz, a key energy shipping route.

The U.S. maintained a naval blockade on ships traveling to and from Iran, while Iranian gunboats fired on commercial vessels.

More top news

Europe

France confirms breach at agency handling IDs

The breach may have affected millions of people.

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France’s Agence Nationale des Titres Sécurisés (ANTS), which handles national ID cards, passports, and immigration documents, said Wednesday that it had a data breach. Stolen data could include full names, dates and places of birth, mailing and email addresses, and phone numbers. It did not say how many people were affected.

ANTS said it detected the attack on April 15. The agency said its investigation into how the breach happened and its impact was ongoing, and that people whose data was affected were being notified.

According to Bleeping Computer, a hacker advertised the data on a hacking forum and claimed to have a database with 19 million records.

Bleeping Computer reported that the forum post described the same types of stolen information listed in ANTS’ announcement and was published before the agency publicly disclosed the breach on April 20.
Europe

Lufthansa loses EU top court fight over 2020 bailout

Lufthansa has already repaid the bailout. It was not clear what effect the ruling would have.

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Lufthansa lost a legal fight on Thursday over a 6 billion euro ($7 billion) German government bailout granted during the pandemic, after the European Union’s top court ruled that Brussels mishandled its approval of the aid.

Europe’s biggest airline group by revenue received the bailout in 2020 as Covid-19 lockdowns sharply reduced air travel. The European Commission approved the measure, but Ryanair and Condor challenged the decision, arguing that it violated state aid rules.

The European Court of Justice dismissed Lufthansa’s appeal and upheld an earlier ruling by a lower court that had annulled the Commission’s approval.

“The Court of Justice dismisses Lufthansa’s appeal and thus upholds the General Court’s ruling to annul the decision by which the Commission had approved the recapitalisation of Lufthansa,” the court said in a statement.

The court said the lower tribunal correctly found that the Commission had “infringed” emergency rules adopted to let governments support the economy during a crisis.

Lufthansa also operates Eurowings, Austrian, Swiss, and Brussels Airlines, and has acquired a stake in Italy’s ITA. It was not clear what effect the ruling would have.
Europe

UK, France strike 3-year Channel migration deal

According to British authorities, 41,472 people reached the United Kingdom in small boats in 2025, the second-highest total since large-scale crossings were first recorded in 2018. At least 29 migrants died in the Channel last year.

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Britain and France agreed to a new three-year deal to curb undocumented migration across the English Channel, according to a French Interior Ministry roadmap seen by Agence France-Presse on Wednesday.

Under the deal, France said it would increase coastal law enforcement by more than half, to 1,400 officers by 2029. Britain will provide up to 766 million euros in funding, though nearly a quarter will be conditional on the French measures producing results.

The agreement renews the Sandhurst treaty, which sets out Britain’s financial contribution to French efforts to stop migrants from attempting the sea crossing. First signed in 2018 and extended in 2023, the treaty was due to expire this year.

According to the roadmap, if the new measures do not deliver “sufficient results, based on a joint annual assessment, the funding will be redirected to new actions.” Even without the conditional portion, Britain’s core contribution of 580 million euros is 40 million euros more than under the previous treaty.

French Interior Minister Laurent Nunez and British Home Secretary Shabana Mahmood are due to provide more details on Thursday during a visit to the site of an accommodation center in Loon-Plage, near Dunkirk, for people set to be deported from France.

The roadmap said France also plans to use drones, helicopters, and digital tools to “better prevent attempted crossings” and reduce departures, especially by so-called taxi boats. It said many of the resources would be deployed from early summer and through the summer, when small-boat crossings typically rise.

Under international law of the sea, authorities can intervene after a boat has left shore only to save people from drowning.

The French Interior Ministry said arrivals in the United Kingdom since the start of 2026 had fallen by half from the same period a year earlier. It also said about 480 smugglers were arrested in 2025.
Middle East

Iran fires on ships in Hormuz after ceasefire delay

Iranian officials say the Islamic Revolutionary Guard Corps (IRGC) seized two ships and fired on another.

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Iranian forces fired on at least two commercial ships in or near the Strait of Hormuz on Wednesday, according to the United Kingdom Maritime Trade Operations, after President Donald Trump said he would extend a ceasefire deadline with Iran.

The first incident occurred shortly before midnight EDT about 15 nautical miles northeast of Oman, UKMTO said. Nour News, affiliated with Iran’s Supreme National Security Council, said the Islamic Revolutionary Guard Corps opened fire on the Epaminodes, a Liberian-flagged container ship, after it had “ignored the warnings of the Iranian armed forces.” The Master of a Container Ship reported heavy damage to the bridge but no fires or environmental impact reported. All Crew were reported safe.

A second incident took place about three hours later eight nautical miles west of Iran, UKMTO said, but did not identify the vessel. “A master of an outbound cargo ship reports having been fired upon and is now stopped in the water,” the agency said. “Crew are safe and accounted for. There is no reported damage to the vessel.”

Iranian officials said the Revolutionary Guard also struck the Euphoria and the MSC-Francesca, both Panamanian-flagged container ships, according to MarineTraffic. Iran said it also seized the Epaminodes and MSC-Francesca for “endangering maritime security by operating without the necessary permits and tampering with navigation systems” and had been “directed to the coast of Iran.” The status of the vessels and crews was not known.

U.S. Central Command said it could not confirm the incidents.

The attacks followed a U.S. boarding of the Iran-linked oil tanker Tifani in the Indian Ocean a day earlier. A Pentagon official said “seized” was “not accurate at this time” and that U.S. agencies had 96 hours after interdiction to determine next steps.
Europe

EU nears approval of $106B Ukraine loan package

The European Union has also been trying since February to approve a new package of sanctions on Russia, which Hungary and Slovakia have blocked.

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European Union envoys met Wednesday in Brussels as officials said a 90 billion euro ($106 billion) loan package for Ukraine was close to approval after months of delay.

The funding, first agreed in December, is intended to help cover Ukraine’s military and financial needs for the next two years. Envoys assessed whether Hungary would lift its veto after saying it wanted Russian oil supplies to resume through Ukraine.

Hungary and Slovakia, which rely on Russian oil, said Ukraine had not repaired damage to the Druzhba pipeline. Ukraine and many of its European partners oppose Russian oil imports, saying they help finance President Vladimir Putin’s war.

President Volodymyr Zelenskyy said Tuesday that Ukraine had completed repairs to the Druzhba pipeline. In a social media post, he said it “was damaged by a Russian strike” but “the pipeline can resume operation.”

Hungary’s outgoing prime minister, Viktor Orbán, had indicated he would approve the loans once oil flows resumed. Orbán, who has repeatedly blocked European Union aid to Ukraine, lost the April 12 election and will be replaced by pro-European opposition leader Péter Magyar.

Cyprus, which holds the European Union’s rotating presidency, launched a written procedure on the final part of the package. Any country objecting would have to state its opposition in writing. Such procedures are often open for 24 hours, and the Cypriot presidency said final approval could come Thursday, when European Union leaders are due to meet for a summit in Cyprus.

European Union foreign policy chief Kaja Kallas said Tuesday, “We expect an agreement in 24 hours, so I don’t want to jinx it.”

The 27-member bloc had originally planned to use frozen Russian assets as collateral, but Belgium blocked that option because most of the assets are held there.

In December, the Czech Republic, Hungary, and Slovakia agreed not to block other European Union countries from borrowing the money on international markets if they did not have to participate. Orbán later withdrew support during the pipeline dispute.

Zelenskyy said Tuesday that “there can be no grounds for blocking” the loans. “The EU asked Ukraine to repair the Druzhba oil pipeline, which had been destroyed by Russia. We have repaired it.”

Ukraine Foreign Minister Andrii Sybiha said, “We have completed everything — there is a date (set), and the infrastructure has been repaired.”
World

Former official urges broader Indo-Pacific command

U.S. Indo-Pacific Command is already the largest of the six combatant commands in the Unified Command Plan, covering more than half the Earth’s surface, about half its population, and several major militaries.

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Retired Air Force Gen. David Stilwell said Tuesday that U.S. Indo-Pacific Command’s area of responsibility should be expanded to include all of China’s borders, arguing that would give the command more options along China’s western frontier.

“We need to redraw that map so there is no [Central Command] on China’s western border,” Stilwell said during a panel discussion held by Pacific Forum, a Honolulu-based foreign policy think tank focused on security, political, and economic issues in the Indo-Pacific.

Stilwell, who served as assistant secretary of state for East Asian and Pacific affairs from 2019 to 2021, appeared with Kelly Magsamen, chief of staff to Defense Secretary Lloyd Austin from 2021 to 2024.

“We redesign it so the commander of INDOPACOM has ways of affecting Chinese interest on its western border, where it’s weak,” Stilwell said.

Stilwell said the current command structure was built around the Soviet threat and “is no longer relevant.” He criticized U.S. Central Command’s position on China’s western border, saying: “The fact that CENTCOM sits on China’s western border and is thinking about ways they can cooperate with China on counterterror is just shocking. I mean, are they not reading the headlines today?” he said, referring to the Chinese Communist Party’s treatment of Uyghur Muslims in Xinjiang, which President Donald Trump designated as genocide during his first term.

Stilwell previously commented that a counterterrorism-focused command could not effectively use tensions within the Shanghai Cooperation Organization, whose members include Russia, India, Pakistan, and Iran, among others. He said China created the group as a collective security mechanism on its western flank, but said tensions involving India and Pakistan, and China and India, limited its cohesion. Military power alone would not be enough to take advantage of those divisions, he said.
World

U.S. details Indo-Pacific buildup amid China concerns

Adm. Samuel Paparo, commander of U.S. Indo-Pacific Command, said China’s military activity around Taiwan increasingly resembled preparation for possible conflict. Officials also urged allies to assume a larger defense role.

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U.S. military officials told the House Armed Services Committee on Wednesday that the Pentagon is expanding deployments and allied coordination in the Indo-Pacific as it seeks to deter China and respond to closer ties among China, Russia, Iran, and North Korea.

Committee Chairman Mike Rogers said in opening remarks, “As we meet, our adversaries are deepening their cooperation,” adding: “China, Russia, Iran and North Korea are working together to challenge the United States.”

Officials said the strategy centered on a “denial defense” along the First Island Chain, from Japan through Taiwan to the Philippines. The Defense Department said it was increasing forward deployments of systems including the High Mobility Artillery Rocket System, the Navy-Marine Expeditionary Ship Interdiction System, and the Army’s Typhon system, while also hardening bases, dispersing forces, and expanding logistics and prepositioned equipment.

The Pentagon also said it was increasing rotational bomber and fighter deployments to Australia and continuing to send advanced platforms, including F-35s, to Japan.

Paparo said modern warfare was increasingly shaped by artificial intelligence, autonomous systems, and long-range precision weapons, and that U.S. forces must be prepared to operate across cyber, space, and conventional domains.

Gen. Xavier Brunson, commander of U.S. Forces Korea, said North Korea’s expanding nuclear and missile programs, along with its closer ties to Russia and China, were adding to regional risks. He told lawmakers the Korean Peninsula remained under armistice, not peace, and described it as “key strategic terrain vital to defending the American homeland.”
Personal Finance

Gold Falls, U.S. stock futures fall, oil rises above $100

Silver, platinum, and palladium also fell as oil rose for a fourth straight day.

Full story +

Gold and U.S stock futures fell Thursday after the United States extended a ceasefire with Iran, while markets continued to assess disruptions around the Strait of Hormuz and the risk of higher inflation.

Bullion dropped as much as 1%, trading near $4,700 an ounce. President Donald Trump said the truce agreed to on April 7 would remain in place indefinitely while Washington waited for Iran to submit a new peace proposal. Tehran said it had no plans to take part in negotiations soon.

Spot gold fell 0.8% to $4,702.96 an ounce as of 9:45 a.m. in London. Silver slid 2.7% to $75.62 an ounce. Platinum and palladium also declined.

S&P 500 futures slid about 0.6% after the benchmark closed at another record. Futures tied to the Dow Jones Industrial Average and the Nasdaq 100 also fell 0.6%.

Oil rose for a fourth straight day. The Strait of Hormuz remained blocked as the two sides sought control. Brent crude futures climbed above $104 a barrel, while West Texas Intermediate crude topped $95, up about 2%

The extension marked a shift from Trump’s earlier threat to resume bombing Iran if no deal was reached by a Wednesday deadline. But the two sides remained in conflict over control of the Strait of Hormuz, a key energy shipping route.

The U.S. maintained a naval blockade on ships traveling to and from Iran, while Iranian gunboats fired on commercial vessels.
Military & National Security

Army rolls out fitness test for combat troops

The Army will begin implementing the annual test this month. For the first year, soldiers who do not pass will not face adverse administrative action. Those who cannot meet the standards may request voluntary reclassification.

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The U.S. Army said Wednesday it was introducing a new physical assessment for soldiers in combat roles.

The Combat Field Test is intended to measure performance in conditions that more closely reflect modern battlefield demands, with an emphasis on strength, endurance, and movement under load. The Army said the test will be age- and sex-neutral and scored on a pass-fail basis.

The assessment begins with a 1-mile run, followed by 30 dead-stop pushups, a 100-meter sprint, 16 lifts of a 40-pound sandbag onto a 65-inch platform, and a 50-meter carry of two Army water cans weighing 40 pounds each. Soldiers then complete a 50-meter movement drill with a high crawl and a 25-meter three- to five-second rush before a final 1-mile run.

Soldiers will have 30 minutes to finish the test, with the clock running continuously, while wearing the Army Combat Uniform and boots. The Army said the Combat Field Test will not replace the Army Fitness Test.

Soldiers in infantry, combat engineering, field artillery, armor, explosive ordnance disposal, and other combat specialties will take the new test, the Army said.
Military & National Security

Marine Corps rolls out standard app before PCS moves

Marine Corps Community Services launched a standard app to replace some local base apps ahead of PCS season.

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Marine Corps Community Services developed a standard mobile app to help Marines, sailors, and their families find installation resources ahead of the permanent change-of-station season.

MCCS Connect replaces local apps that provided directories, bus schedules, and other information, and is available for download, according to Ronald Netemeyer, community services marketing director at Marine Corps Air Station Iwakuni.

Netemeyer said the change will let families keep using one app when moving between installations.