Oil hits May high amid gold decline
Oil prices rose to their highest levels since May, due to escalating security tensions in the Middle East and fears over the safety of oil supplies. Brent and West Texas crude benchmarks saw significant gains as markets awaited the upcoming meeting of the U.S. Federal Reserve. Meanwhile, gold prices declined by more than 1% amid expectations that U.S. interest rates will remain unchanged, as the market watches for monetary developments and risks of supply disruptions resulting from regional tensions. This occurred alongside a sharper-than-expected decline in U.S. oil inventories, while markets continue to be influenced by geopolitical developments and anticipated economic decisions.
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