Oil hits $90 as gold stays steady
Oil prices surged significantly, surpassing the $90 per barrel mark, due to escalating military clashes between the United States and Iran and the ongoing instability in the Strait of Hormuz. Concerns about potential disruptions to energy supplies grew, with Brent crude reaching its highest level since June 11 at $90.87, and West Texas Intermediate rising to $84.84. Meanwhile, the price of gold remained steady around $4,018.90 per ounce despite increasing demand for it as a safe haven. However, the rising oil prices heightened inflation fears, with expectations of continued interest rate hikes in the United States, following Federal Reserve statements hinting at the possibility of increasing interest rates in December.
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