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Oil Rebounds on Middle East Tensions, Gold Extends Decline
M
Moneycontrol•28-09-2026, 07:43
Oil Rebounds on Middle East Tensions, Gold Extends Decline
- •Oil prices rose over 1% as Middle East tensions escalated after US President Donald Trump rejected an Iran peace deal regarding the Strait of Hormuz.
- •Brent crude futures increased by 1.27% to $105.64 a barrel, while US West Texas Intermediate crude rose by 0.76% to $93.11 a barrel.
- •Gold prices declined, extending a weekly fall, due to elevated energy costs and pressure on the Federal Reserve to raise interest rates to combat inflation.
- •Bullion traded around $4,265 an ounce, following a more than 2% decline the previous week.
- •Other precious metals like silver, platinum, and palladium also saw declines, with silver down 0.8% to $63.77 an ounce.
Key Questions Answered
Oil prices rose more than 1% after US President Donald Trump rejected an Iranian peace deal aimed at resolving their conflict and reopening the Strait of Hormuz.
Brent crude futures rose $1.32 or 1.27% to reach $105.64 a barrel, while US West Texas Intermediate crude increased by 70 cents or 0.76% to $93.11 a barrel.
Gold extended its decline following a weekly drop, trading around $4,265 an ounce as elevated energy costs maintained pressure on the Federal Reserve to raise interest rates.
