Oil Prices Hold Steady Amidst Middle East Tensions

Crude oil prices held steady amidst escalating tensions in the Middle East as traders closely monitored progress on a potential agreement between Iran and Oman to restore shipping through the Strait of Hormuz. The U.S. Senate passed a sweeping sanctions bill against Russia, authorizing punitive tariffs on India and other major buyers of Russian oil and gas.

The agreement, if reached, could bring millions of barrels of Middle Eastern crude back to the market. However, threats to shipping persist, with three Abu Dhabi National Oil Company vessels attacked this week while passing through the Strait of Hormuz.

Copper prices fell on Friday but still posted a weekly gain as signs of tightening supply emerged in the market. The copper market is rapidly tightening, with a surge in U.S. copper imports and rising orders setting the stage for a new rally.

Gold prices surged after a report showed U.S. employers unexpectedly cut jobs in July, easing concerns about an imminent interest rate hike by the Federal Reserve. Gold prices rose as much as 3.1% to $4,371.93 per ounce before paring gains.