Oil drops as gold hits 7-week high
Oil prices declined today amid investor assessments of the possibility of reaching an agreement between Iran and Oman aimed at ending the ongoing five-month conflict and reopening the Strait of Hormuz. The deal could potentially give Tehran control over the ships passing through the strait, representing one of Iran's biggest concessions so far. Brent crude futures fell by 0.5% to $79.08 per barrel, while U.S. West Texas Intermediate dropped by 0.7% to $74.69 per barrel. On the other hand, gold prices rose to their highest level in seven weeks, supported by a weaker dollar and declining U.S. bond yields. Meanwhile, U.S. oil inventories increased by 2.5 million barrels, despite market expectations of a 1.5 million barrel decrease. Progress in negotiations between Iran and Oman is expected to influence the trajectory of the oil markets, amid ongoing anticipation for the upcoming U.S. jobs report.
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