Oil Prices Soar Amid Geopolitical Tensions Ahead of Crucial US Inflation Data

A wave of geopolitical tensions has pushed investor priorities towards safe-haven assets and is influencing market expectations ahead of key US inflation data.

Oil prices rose, while gold reached its highest levels since July 31 after a sharp increase at the start of the week. Brent crude gained 0.78% to $89.60 per barrel, and U.S. WTI crude rose 0.89% to $83.94 per barrel.

The Japanese yen was little changed against the dollar following rare currency interventions by Japan and the United States. Investors are closely watching July's US consumer price index data, which could significantly influence market expectations for the Federal Reserve's next decision.