Oil Prices Rebound Toward $97 Amid Hormuz Strait Disruption; Gold Stabilizes
Oil prices rebounded after their biggest one-day drop since April 2020, with Brent crude nearing $97 a barrel as the Strait of Hormuz remained largely blocked. West Texas Intermediate also traded near $97. Iran's semi-official Fars news agency reported that tanker movement through the Strait of Hormuz had been halted following Israeli strikes, although US Vice President JD Vance said there were signs that the strait was beginning to reopen.
Geopolitical tensions remained elevated, with Israeli attacks on Lebanon raising concerns over a potential derailment of the ceasefire. The White House said the US would hold direct talks with Iran, while Tehran termed the strikes a violation of the ceasefire and continued its attacks on Gulf states.
Meanwhile, gold steadied after a two-day gain. Bullion traded near $4,715 an ounce, after rising 1.5 percent over the previous two sessions. Silver declined 0.3 percent to $73.93, while platinum and palladium also edged lower. The Bloomberg Dollar Spot Index rose 0.1 percent after falling 0.8 percent in the previous session.
Gold has largely moved in tandem with equities since the conflict began nearly six weeks ago, as its safe-haven appeal has been tempered by investors covering losses in other asset classes.
