Platinum futures rose above $1,860 per ounce, moving toward a three-month high amid stronger industrial demand. Volatile fuel costs and tight supplies linked to the Middle East conflict are encouraging countries to reduce exposure to fossil-fuel price volatility, supporting demand for hybrid vehicles, which use autocatalysts. The World Platinum Investment Council forecasts industrial demand to increase 9% in 2026, while South African PGM miners have reported higher H1 sales. Emerging applications in hydrogen technologies, semiconductor manufacturing and AI data-center infrastructure could provide additional long-term demand. Platinum also remains supported by a tight global supply-demand balance, with persistent deficits and low inventories limiting available metal. In the near term, however, investment flows remain influential, as a dovish sentiment of the Fed lowered the opportunity cost of the non-yielding metal.