Oil and Gold Prices Surge on News of Israeli Counterattack
Oil prices saw a sharp increase of nearly 4.5% following early reports of Israeli drone strikes on Iran early Friday, with gold prices also beginning to climb in international markets.
However, this surge was moderated after Iran reported its air defense had destroyed the drones, particularly around the region of Isfahan where explosions were heard. Additionally, Israel did not confirm the early morning news agency reports of strikes on multiple Iranian targets.
In response to the news of escalating tensions between Israel and Iran, the price of Brent crude oil, sourced from the North Sea, quickly rose, reaching as high as $90.75 per barrel a near 4.5% increase. Shortly after 7:30 AM, the price saw a 1.9% increase to $88.78 per barrel, and by around 9:00 AM, it was trading at $88 per barrel. The price of the American WTI climbed to $87 before settling back down to $84, while Russian Ural crude reached up to $84 and stood at $81 at the time of writing.
Gold also saw significant price movements in the wake of these developments, with an early morning increase of 1.82%, reaching $2,433.3 per ounce. However, by shortly after 7:30 AM, the day's gains had moderated to 0.5%, with the precious metal priced around $2,398 per ounce.
This fluctuation in oil and gold prices highlights the sensitivity of global markets to geopolitical events, particularly in regions with a substantial impact on energy sectors.
In response to the news of escalating tensions between Israel and Iran, the price of Brent crude oil, sourced from the North Sea, quickly rose, reaching as high as $90.75 per barrel a near 4.5% increase. Shortly after 7:30 AM, the price saw a 1.9% increase to $88.78 per barrel, and by around 9:00 AM, it was trading at $88 per barrel. The price of the American WTI climbed to $87 before settling back down to $84, while Russian Ural crude reached up to $84 and stood at $81 at the time of writing.
Gold also saw significant price movements in the wake of these developments, with an early morning increase of 1.82%, reaching $2,433.3 per ounce. However, by shortly after 7:30 AM, the day's gains had moderated to 0.5%, with the precious metal priced around $2,398 per ounce.
This fluctuation in oil and gold prices highlights the sensitivity of global markets to geopolitical events, particularly in regions with a substantial impact on energy sectors.
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