Oil retreats, gold recovers, and the dollar loses some of its gains

Global markets showed mixed performance amid energy supply concerns in the Strait of Hormuz. Oil declined as Washington considers easing sanctions, gold rose supported by a weaker dollar, while investors await US data to determine the interest rate path.

Global markets showed mixed performance on Thursday, amid ongoing concerns about energy supplies due to tensions in the Strait of Hormuz. Oil prices fell, with Brent crude futures dropping 1.31% to $104.67 per barrel, and US West Texas Intermediate crude declining 1.07% to $94.07, erasing gains from the previous session. This decline came despite reports of two container and cargo ships sinking after being hit by projectiles near the strait, while increased Russian and Gulf oil production helped limit price rises. The US administration is also considering easing sanctions on 'shadow fleet' vessels to reduce shipping costs and pressure prices. In precious metals, gold rose over 1%, recovering from a one-week low, benefiting from a weaker dollar, as investors awaited the US interest rate path after data showed accelerating inflation in the US in September. Spot gold rose 1.3% to $4,158.63 per ounce, while US futures rose 1.8% to $4,180. The dollar fell from its 18-month high, as investors reduced bets on a US interest rate hike this month, despite inflation data exceeding expectations. Cautious comments from Federal Reserve officials contributed to this decline.