Oil Prices Steady Amid Strait of Hormuz Uncertainty

Oil prices remain steady due to ongoing uncertainty surrounding the Strait of Hormuz. The situation has created a sense of unease in the market, keeping oil prices supported.

The US-Iran negotiations continue to be a major factor influencing oil prices. Despite the ongoing tensions, speculative sentiment has turned more cautious, with money managers reducing net long positions in both NYMEX WTI and ICE Brent.

In other commodities news, gold prices have extended their rally last week after the People's Bank of China increased its gold reserves by 640koz (around 20 tonnes), the largest monthly addition since October 2023. This move has contributed to the rise in gold prices.