US-Iran Talks Stall, Oil Prices Spike Amid Escalating Geopolitical Tensions
Oil prices surged on Friday as concerns over US-Iran negotiations reached a boiling point. The Brent crude futures rose by 1.45% to $88.33 a barrel, while US oil prices climbed 1.26% to $82.27.
The gains pushed both benchmarks towards strong weekly increases amidst continued uncertainty over the conflict. Analysts say geopolitical tensions remain a major risk for financial markets, particularly if the situation escalates or threatens energy supplies.
US consumer sentiment weakened in early August amid concerns over rising living costs linked to the Middle East conflict. The Dow Jones Industrial Average fell 0.14%, the S&P 500 declined 0.19%, and the Nasdaq dropped 0.39% on Wall Street.
The US dollar's weakness supported gold prices, with spot gold rising 0.69% to $4,380.03 an ounce and US gold futures settling 0.4% higher at $4,437.30.