17 Hrs
Source:
الاقتصادية
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Oil declines as ceasefire holds gold rises
Oil prices declined significantly at the start of Monday's trading, with Brent crude dropping more than 7% to fall below $90 per barrel. This came amid a pause in the escalation between the United States and Iran and a easing of tensions in the region, which alleviated fears of supply disruptions. West Texas Intermediate (WTI) crude also declined by 6.7%, reaching $83.35 per barrel. European natural gas prices also fell. The United States confirmed that it had halted its strikes on Iran after 13 days of escalation, amid growing Iranian doubts about Washington's intentions. Conversely, ongoing tensions between the US and Iran pushed oil prices to their highest levels in two months, with forecasts suggesting they could exceed $120 per barrel if disturbances in the Strait of Hormuz continue. Meanwhile, renewed fighting exerted negative pressure on gold prices, which dropped more than 1% amid increasing expectations of a US interest rate hike, although an end to the hostilities could temporarily support the precious metal's prices.
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