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Oil and dollar dip as gold advances
Oil and dollar prices declined as gold rose in today's trading sessions, due to investors balancing between risks of supply disruptions in the Middle East and the potential easing of US sanctions on shipping vessels. Brent crude fell by 1.35% to $104.63 per barrel, while West Texas Intermediate declined by 0.87% to $94.26, following Houthi attacks on oil facilities and Iran targeting ships near the Strait of Hormuz, which resulted in the sinking of two ships within 24 hours. Conversely, the Trump administration is considering relaxing sanctions on oil tankers from countries like Iran and Russia to reduce shipping costs, even as Gulf oil exports have recovered, reaching 13.9 million barrels per day in September — the highest level in years. Meanwhile, gold increased by 0.75% to $4,136 per ounce, supported by the weaker dollar and higher-than-expected inflation, while yields on US Treasury bonds declined, reflecting expectations of a delay in interest rate hikes.
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