Stories
Oil Surges as Trump Rejects Easing Iran Sanctions; Gold Holds Steady Amid Mixed Markets
- •Oil prices rose after US President Donald Trump denied plans to ease sanctions on Iran, while Qatar pushed for peace talks.
- •Brent crude futures increased by $1.14 to $103.73 a barrel, and US West Texas Intermediate crude rose by 34 cents to $89.72.
- •Gold steadied after Tuesday's gains, with bullion trading around $4,180 an ounce, as traders weighed easing oil prices against elevated US Treasury yields.
- •Silver was up 0.1% at $61.54 an ounce, with platinum and palladium also seeing slight advances.
- •The dollar neared its yearly high against the euro, poised for its largest monthly rise in 14 months, driven by US growth and rising interest rates.
Key Questions Answered
Oil prices rose on Wednesday following US President Donald Trump's denial that he would ease sanctions on Iran. Brent crude futures increased by $1.14 to $103.73 a barrel, while US West Texas Intermediate crude rose 34 cents to $89.72.
Gold steadied around $4,180 an ounce after gaining 1.6% the previous day, as traders weighed declining oil prices and energy-led inflation concerns against elevated Treasury yields. Meanwhile, silver rose 0.1% to $61.54 an ounce, and platinum and palladium saw slight advances.
The US dollar stood near yearly highs against the euro, driven by US economic growth and rising interest rates amidst energy and debt concerns in Europe. The dollar was poised for its largest monthly rise against the euro in 14 months, pushing its Australian counterpart below 70 cents.
