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Commodities

Oil Prices Surge Amid Strait of Hormuz Tensions, Gold Reaches New High

Guavy AI Editorial Team
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Oil
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Global oil prices surged on Saturday amid ongoing tensions surrounding the Strait of Hormuz. Brent crude futures rose by $1.06, reaching $83.55 per barrel after a 1.3 percent increase.

In contrast to yesterday's decline, U.S. West Texas Intermediate crude futures increased by 89 cents, or 1.15 percent, to $78.18 per barrel.

The price of gold also saw significant gains, reaching its highest level in about a month after a slight decline on Thursday. Gold finished with an increase of $96.2, or 2.1 percent, to $4,342.80 per ounce for December delivery.

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