Oil jumps amid U.S.-Iran tensions and lingering inflation worries
Tuesday saw a mixed bag in commodity markets: oil prices jumped while gold slipped, all thanks to rising U.S.-Iran tensions and worries about inflation.
Brent crude climbed over 1% to $97.32 a barrel, and US WTI crude edged up but stayed lower than last week's close.
The big driver? Fears that conflict in the Middle East could mess with oil supplies.
Gold slips as dollar weakens
Gold took a hit as oil got pricier and inflation concerns lingered; spot gold fell 0.6%, though US gold futures managed a slight uptick.
Meanwhile, the dollar weakened and Wall Street was pretty quiet because of the Memorial Day holiday.
Investors are hoping for peace talks between the US and Iran, but fresh military strikes have everyone feeling cautious about what's next for global markets.