Oil Prices Extend Gains Amid Supply Uncertainty

Commodity markets rose on August 19 as oil prices extended gains for a fourth consecutive day. The uncertainty surrounding supplies and shipping through the Strait of Hormuz contributed to this trend.

Brent crude futures increased by 26 cents, or 0.29%, to $91.28 per barrel, while US West Texas Intermediate (WTI) crude futures gained 37 cents to $85.31 a barrel.

Gold prices also edged higher as US Treasury yields eased from recent highs, with spot gold rising 0.2% to $4,342.33 an ounce in early Asian trade.