Oil drops as Hormuz ships return, gold rises over $4,000
Oil prices experienced a sharp decline today, with Brent crude dropping by 2.29% to reach $73.54 per barrel, and West Texas Intermediate (WTI) falling by 2.41% to $70.18. This comes after the resumption of oil tanker movements through the Strait of Hormuz, with exports rising to the highest level since the start of the conflict with Iran, although shipping activity remains limited. Gold prices saw a modest increase, surpassing $4,000 an ounce, but are on track for their fourth consecutive weekly loss amid ongoing dollar strength and expectations of a U.S. interest rate hike.
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