US-Iran Conflict Drives Oil Prices Higher Amid Rising Global Tensions

The US-Iran conflict continues to escalate, causing oil prices to rise. The latest development is that the US has struck and sunk five Iranian oil tankers while Iran hit a US airbase in Jordan and reported strikes on ten ships.

Tensions in the Middle East remain high, which may enhance market worries for the supply chains of the international oil market.

US equities remained cautious as the market re-opened after the US Labor Day on Monday. The prospect of higher oil prices tends to keep US stock market participants cautious with a risk-off attitude.

The price of gold remained stable, and the negative correlation of the USD with gold's price is still active yet somewhat blurred given the recent inactivity on both fronts.