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Oil Gains as Gold Approaches 10-Week Peak
Oil prices rose to their highest levels since the end of July 2026, amid ongoing geopolitical tensions in the Middle East and Asia, as well as a surge in shipping disruptions. West Texas Intermediate (WTI) crude increased by 0.61% to reach $83.71 per barrel, while Brent crude gained 0.62% to hit $89.46, marking gains for the sixth consecutive session. Concerns are mounting due to the lack of progress in talks related to Iran and security guarantees for the Strait of Hormuz, along with shipping disturbances, including the Houthi attack on a vessel owned by Egyptians and the targeting of an American container ship. The escalation in the region has driven up oil and gold prices, as markets await U.S. inflation data, which will influence expectations regarding potential interest rate hikes by the Federal Reserve.
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