Oil Prices Retreat Amid Ongoing Geopolitical Tensions

Oil prices retreated on July 30 after a sharp rally in the previous session, despite ongoing geopolitical tensions and the escalating US-Iran conflict. Brent crude fell 1.42% to $89.45 a barrel, while WTI crude declined 0.66% to $83.90 a barrel.

The decline followed a strong recovery from earlier losses, when Brent surged 7.91% and WTI climbed 6.56%. The current market conditions suggest that investors are cautious about the impact of the conflict on global oil supplies.

Meanwhile, gold prices edged higher as markets digested comments from US Federal Reserve Chairman Kevin Warsh on inflation following the central bank's decision to leave interest rates unchanged. Spot gold gained 0.4% to $4,080.38 per ounce, while U.S. gold futures for August delivery rose 1.1% to $4,078.