Geopolitical Tensions Fuel Oil and Gold Price Gains Ahead of US CPI Data

The prices of oil and gold have increased amid escalating geopolitical tensions before the release of US inflation data. The US Consumer Price Index (CPI) is expected to provide crucial information about the Federal Reserve's next policy decision.

The Brent crude price rose by 0.62% to $89.46 a barrel, extending its rally to six consecutive sessions. Spot gold increased by 0.77% to $4,400.44 an ounce. The US military struck a container ship attempting to sail toward an Iranian port.

Market participants remain concerned that prolonged disruption around the Strait of Hormuz could affect energy supplies and shipping. North Korea's ballistic missile launch has also added to uncertainty across financial markets.