Oil up, gold down
Oil prices rose today amid ongoing tensions over the reopening of the Strait of Hormuz. Iran indicated that an agreement with Oman on new maritime passages is nearing final stages, but Tehran confirmed that the passage will not be reopened until Washington meets certain conditions, including paying compensation for its attacks. Meanwhile, the futures contracts for Brent crude reached $84.39, and West Texas Intermediate stood at $78.77. Gold prices also declined after recent gains, as markets awaited the upcoming U.S. inflation data, which will influence expectations of interest rate hikes.
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