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Commodities

Middle East Tensions Fuel Oil Price Spike Amid Fed Rate Hike Bets

Guavy AI Editorial Team
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Oil Gold
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Commodity markets experienced a mixed day on August 31 as oil prices rose more than 1% amid escalating tensions in the Middle East. The U.S. attacked an Iranian island in the Strait of Hormuz, prompting retaliation from Tehran and extending conflict in the region to its sixth month.

Brent crude futures increased by $1.08, or 1.23%, to reach $89.18 a barrel, while U.S. West Texas Intermediate crude rose by 92 cents, or 1.10%, to $84.32 per barrel.

In contrast, gold prices remained subdued after falling sharply the previous day due to US Federal Reserve Chairman Kevin Warsh's pledge to fight inflation and boost interest rates.

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