Oil Prices Soar Amid Escalating Middle East Conflict
Commodity markets rose on August 18, driven by heightened tensions in the Middle East and concerns over energy supply disruptions. Crude oil prices extended their gains, with Brent crude futures climbing 27 cents to $91.14 per barrel, while US West Texas Intermediate crude futures were up 42 cents to $85.04 a barrel.
The escalating conflict between Iran and the US-Israel alliance has raised concerns about energy supply disruptions. The Middle East war, which began on February 28 with attacks on Iran, has stalled progress towards peace talks and a resumption of oil tanker traffic through the strategic Strait of Hormuz.
Gold prices also rose for a third straight session, as expectations of a near-term US rate hike eased. Spot gold was up 0.2% at $4,424.28 per ounce, while U.S. gold futures for December delivery edged 0.2% higher to $4,480.90.