Oil prices slipped more than 1.5% on Friday as optimism grew over the US and Iran reaching a peace deal, which could ease the flow of supplies from the Strait of Hormuz. Meanwhile, gold and silver prices climbed as energy contracts slipped, alleviating concerns about elevated inflation levels and higher interest rates. The aluminium contract
Oil prices in May experienced extreme volatility as uncertainty about the US-Iran ceasefire kept the market on edge. Even as Brent crude prices had climbed more than $110 per barrel earlier this month, the benchmark contract could not sustain the high levels for long. Crude futures cooled in May as hopes for a US–Iran deal
Brent crude oil price retreated for three consecutive days, reaching its lowest level since April 7 this year. It has plunged from a high of $114 on May 4 to the current $91. This retreat may continue after forming a double-top pattern amid a US-Iran deal. Technical analysis points to a steeper Brent crude oil
Gold edged higher on Friday as investors balanced reports of an extended US-Iran ceasefire against stubborn inflation and expectations that the Federal Reserve will keep borrowing costs elevated into next year. Spot gold rose 0.2% to $4,499.56 an ounce by 0231 GMT, while US gold futures slipped 0.1% to $4,529.80, leaving the market caught between
Silver extended gains on Friday, with the XAG/USD pair trading near $75.80 an ounce in Asian morning trade, as investors weighed reports of a tentative US-Iran ceasefire extension against caution that a final agreement has yet to be approved. The white metal was supported by hopes that a longer truce could ease pressure on energy
Saudi Arabia is expected to lower the official selling prices of its crude to Asia in July for a second straight month, as softer demand and weaker spot-market premiums put pressure on the kingdom’s pricing. The flagship Arab Light grade may be priced at a premium of $7.50 to $12.50 a barrel over the average
Gold prices have pulled back from recent highs, dipping below $4,500 per ounce and testing key technical support levels, but the long-term bull market remains firmly intact, according to portfolio manager Tom Winmill of the Midas Discovery Fund. In an interview with Kitco News, Winmill emphasised that the current consolidation should be viewed as a
Japan’s crude oil imports fell nearly 66% in April compared with the same month a year earlier, according to data released by the Ministry of Economy, Trade and Industry (METI) on Friday. The sharp decline came as the US-Iran conflict continued to disrupt energy supplies from the Middle East, a region that remains Japan’s primary
Most non-agricultural commodities were in the red on Wednesday with gold dipping to a two-month low due to concerns about inflation. Meanwhile, among base metals, aluminium and copper contracts were also down on the London Metal Exchange. Oil prices extended their losses as both Brent and West Texas Intermediate crude benchmarks slipped over 3% on
Crude oil price rose slightly as concerns about the US-Iranian truce rose following the latest strikes against Iranian targets. Brent, the global benchmark, was trading at $93.85, while the West Texas Intermediate (WTI) rose to $90 a barrel. US hits Iranian targets again Brent and the West Texas Intermediate rose slightly after the US Central