Hormuz boosts oil and gold prices
Oil and gold prices rose today, Wednesday, amid escalating tensions in the Strait of Hormuz and the ongoing war between the United States and Iran. Brent crude reached $91.44 per barrel, up 0.5%, while West Texas Intermediate (WTI) rose to $85.45, an increase of 0.6%. The continued conflict and the unclear status of navigation through the strait have increased risks related to oil flows, leading to a decline in shipping activity as most vessels avoided passing through the strait. Meanwhile, the market is awaiting the Federal Reserve's meeting minutes, which will influence interest rate decisions. U.S. Treasury yields declined, and gold prices climbed to $4,342 per ounce, supported by this decline.
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