Forex
Oil Prices Rally Amid US-Iran Tensions, Dampening Fed Rate Hike Chances
The global market saw a mixed bag of performances on Friday as oil prices rallied and US data dented chances of a Fed rate hike next month. Tense US-Iran talks and new economic data contributed to the volatility in markets.
Oil prices rose by more than $1 per barrel, with Brent crude futures settling at $88.52 and US futures finishing at $82.40. The increase in oil prices was largely driven by faltering talks to end the Iran war, which left oil and gas prices poised for significant weekly gains.
The US dollar fell on a surprise drop in US retail sales, supporting gold prices. Spot gold rose 0.53% to $4,374.27 an ounce, while US gold futures settled 0.4% higher at $4,437.30.