Oil Prices Steady Amid Iran Conflict Tensions, Gold Hits Two-Month High

The global commodity market remained steady on August 11, with oil prices holding firm at over one-week highs. Oil markets were calm after President Donald Trump demanded compensation for damage incurred by the US in the conflict with Iran.

However, gold prices continued to rise, hitting a two-month high as investors awaited upcoming inflation data for signals on the US interest-rate outlook.

Brent crude futures remained flat at $87.81 per barrel, while U.S. West Texas Intermediate crude futures held steady at $82.20 per barrel.

Gold prices rose 0.5% to $4,411.77 per ounce, its highest level since June 5. U.S. gold futures also increased by 1.2% to $4,472.10.