Crude oil prices near $100 as US-Iran tensions escalate
What's the story
Commodity markets witnessed a mixed bag on July 23. Crude oil prices hit their highest in over six weeks amid rising tensions in the Middle East. The US recently launched new strikes against Iran and Yemen's Houthis, raising fears of possible disruptions to oil supplies via the Red Sea. Meanwhile, gold prices slipped from recent highs due to a stronger US dollar and rising oil prices.
Price spike
Brent crude futures rise to $96 per barrel
Brent crude futures rose by 2% to $96 per barrel, up from $94.07 in the previous session.
Meanwhile, US West Texas Intermediate (WTI) crude also saw an increase of 1.7%, reaching $88.27 per barrel.
The price hike is mainly due to fears of possible disruptions to oil supplies via the Red Sea following renewed US strikes on Iran and Yemen's Houthis.
Market focus
Gold prices slip from recent highs
Gold traded slightly below its two-week high due to the rise in oil prices and a stronger US dollar.
Spot gold remained little changed at $4,133.39 per ounce after hitting a high of $4,165.87 in the previous session.
US gold futures for August delivery also slipped by 0.4% to $4,136.8 as market participants kept their eyes on next week's Federal Reserve meeting for clues on future interest rate trends.
Market stability
Other metal prices remain largely unchanged
Silver prices remained largely unchanged at $59.75 per ounce while platinum and palladium saw a slight dip.
The US dollar remained largely stable as renewed tensions between the US and Iran fueled demand for safe-haven assets.
Meanwhile, the Japanese yen hovered near a 40-year low with no signs of recovery in sight.