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Oil Prices Rise as Strait of Hormuz Blockade Resumes While Gold Remains Stable

Oil Prices Rise as Strait of Hormuz Blockade Resumes While Gold Remains Stable

Oil prices rose for three consecutive days after the United States threatened to launch further strikes on Iranian sites, following the resumption of its blockade of Iran's shipments through the Strait of Hormuz. The benchmark Brent blend surged to around $86 per barrel, surpassing $80 in Nymex crude, amid a slowdown in U.S. oil inventories and reduced fears of supply disruptions due to escalating tensions in the region. This came alongside expectations of an 800,000 barrel per day increase in global oil demand.

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