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Oil drops amid tensions, gold gains
Oil prices slightly declined amid escalating tensions between the United States and Iran, with Brent crude dropping to $95.20 and West Texas Intermediate to $90.77, after reaching their highest levels since July. This comes amid renewed US military strikes against Iran, and the transit of approximately 17 million barrels of oil through the Strait of Hormuz, the largest amount since the start of the US-Iran war, reflecting concerns over potential disruptions to energy supplies. At the same time, gold prices increased by 0.5% to around $4,410 per ounce, supported by a weaker dollar, as investors awaited US employment data to assess its impact on Federal Reserve interest rate hike expectations.
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