Oil rises and gold steadies amidst market stress
Global oil prices rose significantly after three days of decline, with Brent crude reaching $87.39 per barrel, up $3.30 (3.9%), and U.S. West Texas Intermediate at $82.31, increasing by $3.05 (3.8%). This came after the United States intercepted ballistic missiles launched by Iran toward American bases in the region, heightening concerns over energy supply stability—especially amidst ongoing tensions in the Middle East and fears of their impact on navigation through the Strait of Hormuz. Support for the rise in oil prices also came from a decrease in U.S. oil inventories, according to data from the American Petroleum Institute, indicating a potential tightening of global supplies.
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