Oil Prices Stabilize Amid Easing Geopolitical Tensions

Commodity markets showed mixed behavior on August 5 as investors weighed easing geopolitical tensions against expectations of the US Federal Reserve's next policy move.

Crude oil prices stabilized after a two-session decline, with Brent crude rising 0.33% to $79.62 per barrel and WTI crude gaining 0.16% to $75.90 per barrel.

The increase in oil prices came as markets tracked progress in efforts to end the US-Iran conflict and restore shipping through the Strait of Hormuz.

Gold edged higher, supported by a weaker US dollar, but investors remained cautious ahead of key US jobs data that could influence the Fed's interest rate outlook.