Gulf Tensions Keep Oil Prices Elevated Amid Escalating Hostilities

Oil prices have remained elevated due to escalating tensions in the Persian Gulf. The International Commodities Exchange (ICE) Brent oil price is holding above $95 per barrel, as reported by Warren Patterson and Ewa Manthey from the commodities team.

The situation has also affected other markets, with natural gas futures falling 1.45% on the US market. Central banks continued to accumulate gold reserves in July, purchasing a net 23 tonnes according to World Gold Council data.

CBOT wheat prices have been under pressure, with December contracts settling more than 2.5% lower.