President Donald Trump cut short his Group of Seven summit attendance in Canada’s Kananaskis, citing escalating Iran-Israel hostilities that demanded immediate attention in Washington.
What Happened: “I have to be back early for obvious reasons,” Trump said on Monday before departing after dinner.
The president’s early exit coincided with significant market volatility as safe-haven assets surged. Gold futures climbed to approximately $3,390 per ounce Monday, gaining 0.09% amid Middle East tensions.
WTI crude oil futures rose to around $72.8 per barrel as Israel vowed continued strikes against Iran, raising concerns about potential energy supply disruptions.
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Why It Matters: Gold ETFs demonstrated strong after-hours performance. SPDR Gold Shares GLD gained 0.55% to $313.48 after closing down 1.43%. iShares Gold Trust IAU added 0.36% after hours, while SPDR Gold MiniShares GLDM rose 0.51%.
Oil-related ETFs showed even stronger momentum. United States Oil Fund USO surged 2.66% after hours to $80.68 following a 2.03% regular session decline. ProShares Ultra Bloomberg Crude Oil UCO jumped 3.30% after hours, recovering from earlier losses.
The president previously posted on Truth Social, urging Tehran’s residents to “immediately evacuate” without elaboration.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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