Oil Slides on Iran Truce Hopes, Gold Sees Weekly Loss

Oil prices declined marginally on September 25 as markets weighed the possibility of a US-Iran truce against geopolitical tensions. The Brent price fell by 0.65% to $105.85 a barrel, while West Texas Intermediate (WTI) dropped by 1% to $93.80 a barrel.

The prices were affected by hopes of a truce between the two countries following recent events in Saudi Arabia. However, the bombing of the country by Houthi rebels has created uncertainty in the market.

In contrast, gold prices ticked up on Friday but are still set to post a weekly loss due to a stronger dollar and growing expectations that the Federal Reserve will keep interest rates elevated to control inflation.