Oil Up, Gold Down on U.S. Policy Expectations
Oil prices rose today, driven by concerns over supply disruptions due to a storm heading toward oil and gas production areas in the Gulf of Mexico, as well as Houthi attacks on Saudi Arabia. The approaching storm, which could become the first Atlantic hurricane of 2026, increased the likelihood of production disruptions, especially since the offshore region accounts for 15% of U.S. oil production and 5% of natural gas. As a result, Brent crude increased by 0.72% to reach $101.3 per barrel, while West Texas Intermediate rose to $89.8. Conversely, gold prices declined by 0.76% to $4,132.25 per ounce, as investors awaited the Federal Reserve's meeting minutes and the outlook for interest rate hikes.
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