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Middle East Tensions Impact Oil Gold Dollar
Oil prices rose today, Tuesday, due to declining prospects of reaching a deal to end the war in the Middle East, after Iran hardened its stance and the United States ruled out extending the ceasefire. This heightened concerns over energy supplies and maritime traffic through the Strait of Hormuz. Brent crude increased by 0.3%, reaching $91.14, while West Texas Intermediate rose to $85.04, the highest since July 31. In the gold market, the price of gold continued its upward trend for the third consecutive session, falling back on expectations of a US interest rate hike, climbing to $4,431.09 per ounce. On the currency front, the dollar remained near its lowest levels in several months against most major currencies, as bets on tightening US monetary policy diminished amidst ongoing concerns about the war's developments and the crisis in the Strait of Hormuz.
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