Oil rises, gold falls, dollar stabilizes
Global markets showed mixed performance on Thursday, with oil prices rising amid escalating security tensions in the region and supply disruption fears, while gold fell as US interest rate decisions were awaited, and the dollar stabilized ahead of upcoming central bank meetings. Brent crude futures rose 1.2% to $110.11 per barrel, and West Texas Intermediate crude rose 1% to $98.12.
Global markets showed mixed performance on Thursday, with oil prices rising amid escalating security tensions in the region and supply disruption fears, while gold fell as US interest rate decisions were awaited, and the dollar stabilized ahead of upcoming central bank meetings. Brent crude futures rose 1.2% to $110.11 per barrel, while US West Texas Intermediate crude rose 1% to $98.12. US officials from the State Department said it plans to withdraw family members of diplomats from several other US missions in the region, amid escalating security tensions. Data from Kepler company showed at least 18 attacks targeting maritime navigation in the past two weeks. Analysts at the London Stock Exchange Group warned that targeting Iranian oil tankers in areas beyond the Strait of Hormuz threatens crude loading operations in the Gulf. The Energy Information Administration announced a decline in crude oil inventories by 3.06 million barrels, exceeding analysts' expectations of a decrease of about 820,000 barrels. In contrast, petroleum product inventories rose by 1.68 million barrels.