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Oil prices rise while gold experiences its largest weekly decline in six weeks
Oil prices rose today due to escalating military tensions between the United States and Iran, along with increasing prospects of disruptions to energy supplies through the Strait of Hormuz and the Bab el-Mandeb. Brent crude increased by 1.25% to $85.28 per barrel, while West Texas Intermediate rose by 1.3% to $79.98. Analysts expect Brent to continue gaining, with weekly increases reaching up to 12% for the third consecutive week. American airstrikes against targets inside Iran continued, prompting Tehran to respond with missile and drone attacks. There was also a warning that Iran might ask the Houthis to close the Bab el-Mandeb Strait, further heightening the risks of disrupting oil exports. Meanwhile, gold experienced its largest weekly loss since June, declining by 3.2% since the beginning of the week amid rising oil prices and Middle Eastern tensions, although it rose today by 0.5% to $3,988.20 per ounce.
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