Energy markets face pressure with oil under $100 and declining gold
Oil prices have fallen below $100 per barrel after surpassing $100 earlier in the week due to tensions in the Middle East and attacks on shipping routes, raising concerns about potential supply disruptions. This comes alongside escalating tensions between the United States and Iran, and growing fears of attacks on oil tankers, which have negatively impacted market movement. At the same time, gold prices dropped by 0.5% amid worries over rising energy costs and the possibility of the U.S. Federal Reserve raising interest rates to combat inflation, increasing pressure on the precious metal. Market forecasts suggest that oil could rise to $110 if there is no clear path forward in negotiations.
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