Oil surge supports dollar, pressures gold
Oil prices surged sharply after Houthi attacks on two Saudi oil tankers in the Red Sea, raising fears of disrupting strategic energy transit routes and potential bottlenecks in global oil supplies. Brent crude exceeded $100 per barrel for the first time since May 2023, with weekly gains expected to reach around 13.5%. West Texas Intermediate also saw similar increases. Additionally, escalating tensions increased the likelihood of oil supply disruptions, prompting markets to raise the US dollar and US Treasury yields, while gold declined amid rising yields and expectations of higher interest rates.
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