Oil dips below $100 as gold declines amid Middle East tensions
Oil prices declined in Asian markets, with Brent crude falling by 0.75% to approximately $99.57 per barrel, and West Texas Intermediate dropping by 1.2% to $88.37. This comes amid concerns over supply disruptions due to security tensions in the Middle East. Although oil flows from the Gulf have increased to more than 81% of pre-war levels, security risks and high costs continue to impact supply stability, especially with ongoing attacks on oil tankers in the Strait of Hormuz. Meanwhile, in the global gold market, the price of an ounce saw a slight decline to around $4,138, amid rising US Treasury bond yields, with geopolitical risks in the Middle East expected to remain a key driver of gold price increases.
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