Oil Prices Rebound, Then Retreat Amid Geopolitical Tensions

Crude oil prices retreated on July 30 after a sharp rally in the previous session. Despite escalating geopolitical tensions and the widening US-Iran conflict, tankers continued to move out of the Middle East. Brent crude fell by 1.42% to $89.45 a barrel, while WTI crude declined 0.66% to $83.90 a barrel.

The pullback followed a strong rally in the previous session when Brent surged by 7.91% and WTI climbed 6.56%, recovering from sharp losses earlier in the week. Gold prices edged higher as markets assessed comments from US Federal Reserve chairman Kevin Warsh on inflation following the central bank's decision to leave interest rates unchanged.

Silver advanced 1.1% to $58.37 an ounce, with platinum and palladium also trading higher. The US dollar steadied in early Asian trading after the Federal Reserve maintained its policy rate, while investors awaited further clarity on the future path of monetary policy.