Oil Prices Rise Ahead of US Inflation Data Release
Oil prices rose on Wednesday as investors waited for the US inflation data release. Brent crude, the international benchmark, increased by 0.9% to $89.67 a barrel. The US benchmark crude also gained 0.9% to $83.98.
The price of gold edged up 0.8% to $4,400.44 an ounce, while silver gained 1% to $65.30 an ounce. This comes as the global market remains cautious ahead of the crucial US inflation reading.
Iran has rejected a comment by US President Donald Trump suggesting that Washington would demand compensation in any talks to end the war. The US and Israel's attack on Iran in February led to the closure of the Strait of Hormuz, causing oil prices to swing between $72 and $102 a barrel last month.
The higher oil prices have worsened inflation, pushing the average cost of a gallon of regular petrol in the US to $4.01. Economists expect the latest monthly inflation reading to show a slight decrease to 3.4% in July from 3.5% in June.