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Oil and gold stable despite Iran sanctions
Oil prices stabilized yesterday after falling more than 2% in the previous session, as investors assessed the impact of expanded U.S. sanctions on Iran. According to commodity analysts, these sanctions did not significantly affect the market. Brent crude oil prices dropped to $89.94 per barrel, while West Texas Intermediate declined to $84.43, with the market viewing economic pressures as less threatening to oil supplies than military action. Although Iran has hinted at retaliation against the sanctions and continues to control the Strait of Hormuz, through which about 20% of the world's oil consumption passes, the supply remains relatively resilient. In the metals market, gold steadied at its highest level in over three months, amid anticipation of US inflation data. Some analysts expect that rising inflation may support higher gold prices, despite the risks posed by increasing interest rates.
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