Brent near $112 as US Iran tensions slow Hormuz shipments
Oil prices are climbing fast as tensions heat up between Iran and the US
Brent crude is nearly $112 a barrel and West Texas Intermediate has topped $108, a big leap since February, mostly because military actions in the region have slowed oil shipments through the key Strait of Hormuz.
Gold down as yields rise
The latest boost comes after President Trump warned Iran that "time is of the essence," and a recent drone attack at a United Arab Emirates nuclear plant added to regional worries.
All this uncertainty has people scrambling for oil, but not for gold. Gold prices have actually dropped 1.3% as rising bond yields and inflation fears make non-yielding assets less attractive.
Silver and base metals like copper are also sliding, with concerns over weaker global growth and industrial demand.