Crude Oil Prices Extend Gains Amid Shipping Concerns

Commodity markets surged on August 19, with oil prices extending their gains for a fourth consecutive session. Uncertainty over supplies and the status of shipping through the Strait of Hormuz drove investors to weigh conflicting messages from Tehran and Washington.

Brent crude futures rose by $0.26 or 0.29% to $91.28 a barrel, while US West Texas Intermediate (WTI) crude futures gained $0.37 to $85.31 a barrel. The market is closely monitoring the situation in the Strait of Hormuz, which has been a concern for oil traders.

Gold prices also edged higher as US Treasury yields eased from recent highs. Spot gold increased by 0.2% to $4,342.33 an ounce in early Asian trade, while US gold futures for December delivery slipped 0.6% to $4,396.30.