Commodity Wrap: Increasing tensions in West Asia suggest that crude oil prices will probably stay high

Commodity Wrap: Increasing tensions in West Asia suggest that crude oil prices will probably stay high

At 03:34 GMT, U.S. West Texas Intermediate oil prices increased 3 cents to $76.25 a barrel, while Brent crude futures fell 1 cent to $81.62 a barrel.

Because of the growing tensions in West Asia, crude oil prices are still high.

Fears of escalating tensions in West Asia due to Israel's rejection of a ceasefire offer and US operations against militias in Iraq and Syria supported by Iran will continue to weigh on oil prices.

oil costs

Oil prices continued to rise as West Asian tensions continued to rise each week after Israel's rejection of a Hamas cease-fire plan.

At 03:34 GMT, U.S. West Texas Intermediate oil prices increased 3 cents to $76.25 a barrel, while Brent crude futures fell 1 cent to $81.62 a barrel.

Following Israel's bombardment of Rafah, a city bordering the south, crude oil prices increased by 3% on Thursday.

According to Warren Patterson, head of commodities analysis at ING, "yesterday's move seemed a bit excessive, at least on fundamentals," as reported by Reuters.

"I still expect the range-bound behavior we have become accustomed to recently to keep going given the comfortable oil balance."

gold costs

Gold prices increased as a result of investors fleeing to the yellow metal because to the unpredictability in West Asia. Gold prices increased as a result of the US dollar and Treasury rates falling after reaching two-week lows on Tuesday.

Spot gold touched its lowest level since January 25 on Monday, although it rebounded 0.2 percent to $2,027.85 an ounce.

The price of an ounce of US gold increased by 0.1% to $2,044.00.

copper costs

Due to increased market demand, copper prices increased by 0.3 percent on Thursday to Rs 713.35. With a transaction of 5,607 lots, copper contracts for delivery in February at the Multi Commodity Exchange, also increased by Rs 2.15, or 0.3 percent, to Rs 713.35 per kg.