Hormuz Progress Sends Oil Prices Lower as Gold Reaches New High

Oil prices fell on Thursday due to expectations that the Strait of Hormuz may soon resume operations after Iran signaled advancements in discussions with Oman. The Strait is a key shipping lane for oil exports, and any disruptions can lead to supply interruptions.

The Brent crude price dipped 0.45% to $79.07 per barrel, while West Texas Intermediate decreased by 0.66% to $74.72 per barrel. This comes after Iranian Foreign Ministry spokesman Esmaeil Baghaei stated that Tehran and Muscat are nearing the completion of a draft accord for a secure navigation corridor through the Strait.

Meanwhile, gold prices rose to a seven-week high as investors favored safe-haven assets amid market turbulence linked to the Iran conflict. Spot gold increased 0.5% to $4,265.22 per ounce on Thursday morning.