Oil and gold rise on tensions and inflation fears

Oil and gold prices have risen amid escalating geopolitical tensions in the Middle East and Asia, following attacks on commercial ships in the Red Sea and the Gulf of Oman, as well as ongoing tensions with Iran over the Strait of Hormuz. These developments have heightened fears of disruptions to global energy supplies. West Texas Intermediate (WTI) crude oil increased by approximately 0.89%, reaching $83.94 per barrel, while Brent crude rose by 0.78% to $89.60, both hitting their highest levels since July 31. Additionally, the spot price of gold increased by 0.46%, reaching $4,387.03 per ounce, as investors seek safe-haven assets amid political and military uncertainties, with ongoing risks related to negotiations with Iran. These tensions are fueling concerns over potential disruptions in energy supplies, especially in light of recent military actions, including attacks on ships and escalating tensions in Asia. Meanwhile, the market is also awaiting U.S. inflation data, which could influence the Federal Reserve's interest rate decisions.

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