Oil Prices Soar on US-Iran Tensions, Gold Steadies Amid Fed Hike Fears

Commodity markets were mixed on September 1 as oil prices rose due to renewed US-Iran tensions, but gold steadied after a two-day decline.

The resumption of fighting between the U.S. and Iran in the Middle East heightened concerns over supply disruptions from the world's key crude-producing region.

Brent crude futures gained 56 cents, or 0.6%, to $91.05 a barrel, while U.S. West Texas Intermediate crude was up 83 cents, or 1%, to $86.59.

Gold steadied after falling more than 3.5% over the previous two sessions as investors contended with rising odds of a hike from the Federal Reserve in September.