Oil rises as gold falls amid Gulf tensions
Oil prices rose to their highest levels in over six weeks amid escalating tensions between the United States and Iran, including American airstrikes on Iran and warnings concerning the Strait of Hormuz and Iran’s interference in oil transit through it. Additionally, the Houthis have imposed a naval blockade on Saudi Arabia and targeted ships in the Red Sea. These developments have also heightened fears of supply disruptions, despite US crude inventories increasing by two million barrels over the past week, contrary to expectations of a decrease. Meanwhile, the price of gold declined after the rise in oil, driven by increased expectations of a US interest rate hike to combat inflationary pressures, amid rising US Treasury bond yields.
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