Platinum futures fell to three-week lows near $1,950 on May 26, 2026. Prices traded in a range between $1,950 and $1,960 per ounce. Escalating Middle East tensions drove the price decline.
U.S. forces conducted defensive airstrikes against Iranian missile sites and mine-laying vessels. The military action stalled expectations for a peace agreement to reopen the Strait of Hormuz.
Surging oil prices following the strikes stoked energy-driven inflation fears. Investors expect central banks to maintain higher interest rates for longer, weighing on non-yielding assets.
Deep supply deficits and South African mining constraints continue to support the market. Strong automotive and industrial demand provides additional structural backing for platinum.