Gold and oil prices rose further on Friday due to a severe worsening of tensions between the United States and Iran.
Fearing supply shortages, investors will buy crude oil on Friday. In the morning, a barrel (159 liters) of North Sea Brent cost $ 68.18. That was $ 1.93 more than on Thursday. The price of a barrel of the American West Texas Intermediate (WTI) rose by $ 1.70 to $ 62.88.
At times, oil prices had risen even more. At $ 63.84, the US oil price reached its highest level in May 2019, exceeding last September’s high, which was marked after a severe attack on Saudi Arabian oil facilities. The price of North Sea oil rose to $ 69.16 on Friday.
Gold price continues to rise
The value of the precious metal is also increasing. At its peak, a troy ounce (about 31.1 grams) of the precious metal cost just under $ 1,544, which is the most it has been since September. The previous day, the gold price rose by almost $ 15.
The crisis metal gold had already benefited from the tensions between the United States and Iran in the past few days.
US-Iran tensions intensified
The trigger for the recent price increases for crude oil and gold was the Killing an Iranian general through a US missile attack in Iraq. Iran’s chief leader Ayatollah Ali Khamenei announced severe retribution.
The conflict between the United States and Iran has intensified again in the past few days after demonstrators attacked the U.S. embassy in Baghdad. The United States blames Iran, the Islamic Republic denies it.
– ,
