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Oil and gold prices declined today, Friday, amid a slowdown in reports of increased oil tanker traffic through the Strait of Hormuz, despite ongoing geopolitical concerns related to the war in the Middle East. Brent crude fell by 1.3% to $85.74 per barrel, and West Texas Intermediate by 1.7% to $82.21, with both posting monthly gains exceeding 20% in July, fueled by fears of energy supply disruptions. Gold prices also declined by 0.9% to approximately $4,069 per ounce, but recorded their first monthly gain in five months, rising by 1.1%. The current dip is attributed to profit-taking and a stronger dollar, while the markets remain sensitive to developments in shipping movements and security tensions in the Gulf region.
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