Crude Oil and Gold Prices Rise Amid Skepticism Over US-Iran Deal
Crude oil prices rose Thursday as investors grew skeptical about the prospects of a deal between the U.S. and Iran, according to SunSirs.
The rise in crude oil prices came after signs that diplomatic efforts aimed at reaching an agreement regarding the Strait of Hormuz had hit a snag, casting doubt on the continued growth of energy shipments through the waterway.
WTI crude rose 1.6%, settling near $84 per barrel; the Brent crude contract for October delivery, set to expire on Friday, traded near $90 per barrel in light volume, while the more active November contract closed below $89 per barrel.
Gold prices climbed back above $4,600 per ounce as investors awaited clues on the interest rate outlook from Federal Reserve Chair Warsh's speech on Friday. LME zinc futures closed 0.2% lower at $3,884 per tonne after pulling back from a more than four-year high.