Oil and Gold Prices Firm Up Amidst Geopolitical Tensions

(3 Minutes Read)

A significant factor contributing to this uptick is the United States’ recent imposition of sanctions targeting Chinese entities involved in the procurement of Iranian oil

In recent weeks, global markets have experienced notable fluctuations, particularly in the commodities sector, with significant movements in oil and gold prices.

Oil prices have risen for the second consecutive week, influenced by geopolitical developments and strategic decisions by major oil-producing entities. Brent crude futures increased by 0.3% to USD 72.21 per barrel, while U.S. West Texas Intermediate (WTI) crude futures climbed 0.4% to USD 68.32 per barrel. Both benchmarks are on track to register approximately a 2% weekly gain, marking the largest since early 2025.

A significant factor contributing to this uptick is the United States’ recent imposition of sanctions targeting Chinese entities involved in the procurement of Iranian oil. The U.S. Treasury Department’s measures are part of a broader strategy to curtail Iran’s oil exports, aiming for a reduction of about 1 million barrels per day.

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Concurrently, gold prices have exhibited a robust performance, poised for a third consecutive weekly gain. Despite a slight decline of 0.5% to USD 3,029.86 per ounce on Friday, following a record high of USD 3,057.21 per ounce on Thursday, gold has appreciated by approximately 1.5% over the week.