Oil, Gold Rally as Geopolitical Tensions Escalate Ahead of US Inflation Data

Oil and gold prices climbed on Wednesday as geopolitical tensions intensified ahead of key U.S. inflation data, expected later in the day.

The United States and Yemen's Iran-aligned Houthis reported separate attacks on shipping, while Asia was rattled by an early-morning missile launch by North Korea.

U.S. crude rose 0.61% to $83.71 a barrel, while Brent climbed 0.62% to $89.46 per barrel, putting it on track for a sixth consecutive daily gain.