Markets Soar on Geopolitical Tensions as Oil Hits New Highs

Global markets are experiencing a surge in response to mounting geopolitical tensions. On Tuesday, oil prices rose by more than $1, reaching their highest levels since July 31. US crude increased by 0.61% to $83.71 per barrel, while Brent rose by 0.62% to $89.46 per barrel.

The increase in oil prices was also reflected in the price of gold, which rose by 0.77% to $4,400.44 an ounce. Spot silver also saw a significant gain, rising by 1% to $65.30 an ounce.

Geopolitical tensions are at a high as US President Donald Trump continues to claim that an imminent deal is near in the Iran war. However, despite repeated claims, the war shows no signs of ending.