Middle East Tensions Send Commodity Markets Soaring

Commodity markets rose on Tuesday as tensions in the Middle East intensified and concerns over energy supply disruptions grew. Brent crude futures climbed 27 cents, or 0.3%, to $91.14 after reaching their highest since July 30.

The conflict between Iran and the US/Israel alliance has stalled peace talks and resumed oil tanker traffic through the strategic Strait of Hormuz, threatening to prolong the conflict that began on February 28. U.S. West Texas Intermediate crude futures were up 42 cents to $85.04 a barrel, their highest since July 31.

Gold prices also rose for a third consecutive session as expectations of a US interest rate hike next month eased. Spot gold was up 0.2% at $4,424.28 per ounce, while U.S. gold futures for December delivery edged 0.2% higher to $4,480.90.