Stalled Iran Peace Talks Overshadow Trump China Visit, Bolster Gold Safe-Haven

Geopolitical tensions from stalled U.S.-Iran peace talks are overshadowing President Trump’s China visit, with Iran threats to the Strait of Hormuz (20% of global oil/LNG flows) and a Chinese supertanker transit elevating energy risks and supporting gold (XAUUSD) as a safe-haven amid rising commodity prices. This escalates from the Pentagon’s May 12 update placing war costs at $29 billion, up $4 billion from April’s $25 billion estimate due to repairs and operations. An op-ed that day highlighted oil volatility ($95-$130/bbl swings) as more damaging than steady $100/bbl levels, with crude futures climbing 2.87-3.00% then to ~101.45/bbl (+0.43%) now.