Platinum futures rose toward $2,100 an ounce, approaching a four-week high as precious metals broadly advanced on renewed hopes for a diplomatic resolution to the Middle East conflict. The US and Iran signaled willingness to resume negotiations aimed at securing a longer-term ceasefire before the current two-week truce expires. President Donald Trump said Tehran had reached out to Washington shortly after the US imposed a naval blockade on Iranian oil shipments through the Strait of Hormuz. Oil prices retreated on expectations of a potential deal, easing inflationary pressures and tempering hawkish bets across major central banks. Meanwhile, softer industrial demand and improved supply conditions continued to weigh on prices. Automotive demand, the largest industrial use for platinum, is set to decline further as the shift to electric vehicles reduces the need for catalytic converters, while higher recycling flows, particularly in Europe, are expected to narrow the market deficit.
