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Oil Up, Gold Down Amid Regional Tensions
Oil prices rose today due to escalating tensions between the United States and Iran, with prospects of reaching an agreement to halt the war diminishing. Brent crude oil increased by 0.69% to $91.50 per barrel, and U.S. West Texas Intermediate rose by 1% to $85.04. This came after an Iranian official announced that Iran has shifted to a "fully offensive" stance, due to lack of progress in negotiations to reopen the Hormuz Strait, while Washington ruled out extending the temporary ceasefire. Markets are awaiting the Federal Reserve's meeting minutes for clues on interest rate policy, while gold fell by 0.4% as U.S. Treasury yields rose, reducing its appeal as a safe haven.
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