Oil hits six-week high as gold falls
Oil prices rose today by more than 1.5%, reaching their highest level in over six weeks, amid escalating tensions in the region following the United States' new round of strikes on Iran. Brent crude increased by 2% to reach $96, the highest level since June, while West Texas Intermediate also rose to $88.27. As tensions escalated, Washington carried out strikes against Iranian targets, and Iran announced that the strait was fully closed, stating that it would not allow any tankers to enter or exit without prior coordination. In the market, U.S. oil inventories increased by two million barrels, despite declines in oil imports and exports. Meanwhile, U.S. 2-year Treasury yields rose to their highest level in 17 months, driven by rising oil prices and inflation concerns. Gold also experienced a decline after two weeks of gains, as investors awaited next week’s Federal Reserve meeting to determine the future direction of interest rates.
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