Oil steadying, gold hits 7-week high

Oil prices stabilized near Friday's closing levels amid anticipation of developments regarding the reopening of the Strait of Hormuz. Brent futures slipped to $83.53 per barrel, a slight decrease of 0.02%, while West Texas Intermediate fell to $78.02, down by 0.2%. Prices retreated after gains exceeding 1% at the start of trading, driven by hopes of reaching an agreement that would reopen the strait through which about one-fifth of global oil supplies flowed before the war. Iran insists that it will only reopen the strait after Washington meets certain conditions, including paying compensation and lifting sanctions. Markets are also affected by ongoing risks from Houthi attacks on the Jazan refinery and assaults on ADNOC ships, increasing concerns over potential disruptions to global oil supplies.

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