Oil and gold decline amid war and inflation
Oil prices have declined for the fourth consecutive day, marking the longest losing streak since June, due to diplomatic tensions regarding the war between the United States and Iran and ongoing energy shipments passing through the Strait of Hormuz. Brent crude has fallen to around $101 per barrel, while West Texas Intermediate has decreased to about $98, reflecting continued pressure on global oil supplies. Meanwhile, gold prices have also declined amid inflation concerns, as investors await the Federal Reserve's interest rate data following its first rate hike since 2023. The gold price has dropped below $4,350 per ounce.
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