Oil falls and gold rises as war fears on Iran recede
Oil prices fell and gold rose on Monday after Trump's statements ruled out new attacks on Iran, easing supply disruption fears. Brent dropped 0.85% to $97.48, US crude 0.35% to $90.51. Brent posted a weekly loss of 17%, the largest since COVID.
Oil prices fell and gold prices rose in Monday trading, influenced by US President Donald Trump's statements largely ruling out new attacks on Iran, easing concerns about energy supply disruptions. Brent crude futures fell 0.85% to $97.48 per barrel, and West Texas Intermediate crude fell 0.35% to $90.51 per barrel. This decline erased the limited gains recorded by both crudes at Friday's settlement. Brent had suffered weekly losses of about 17%, its largest weekly decline since the start of the COVID pandemic, and the largest in absolute terms since 1988. Trump said in a phone interview with CNN that the possibility of new attacks on Iran is highly unlikely, noting that it depends on the nature of any agreement that might be reached with Tehran. These statements come after previous threats to resume military operations following last week's US midterm elections, with no signs yet of preparation for a large-scale military operation. The article links market movements to declining geopolitical fears and a weaker dollar.