Oil drops on Strait of Hormuz hopes
Gold price dropped by more than 1% as oil prices rose due to concerns over the closure of the Strait of Hormuz and ongoing negotiations between Washington and Tehran, with assurances of diplomatic efforts and the necessity of opening the strait to ease tensions. At the same time, the dollar strengthened amid increasing attacks on the Gulf region, as Qatar’s first LNG carrier exited the strait after nearly three weeks of being hidden. In another development, the military escalation in Gaza continued, with airstrikes resulting in 12 deaths and several others injured.
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