Oil and gold climb as dollar weakens yen
Oil prices saw a significant rise during Wednesday’s trading, driven by fears of potential energy supply disruptions resulting from escalating tensions between the United States and Iran. Brent crude increased by 1.87% to reach $92.71 per barrel, while West Texas Intermediate rose by 1% to $85.18. This came after American strikes targeted Iranian sites, to which Tehran responded by attacking American facilities in Bahrain and Kuwait, fueling concerns over possible disruptions to oil supplies. Additionally, the escalation of regional tensions led to unusual activities by oil tankers, with some Saudi vessels rerouting through the Bab el-Mandeb Strait, which increases costs and delays for Asian shipments. In the precious metals market, gold surged by 1.4%, reaching its highest level since July 7 at $4,133.84 per ounce, supported by technical buying and geopolitical tensions. Meanwhile, U.S. Treasury yields rose, positively impacting the dollar, which remained near its lowest levels against the Japanese yen since 1986, amid expectations that Japanese authorities might intervene to support the currency.
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