Commodity markets traded mixed on October 15, with oil prices falling more than $1 a barrel in early trade as investors weighed supply risks from attacks on shipping through the Strait of Hormuz against US efforts to ease sanctions on vessels to reduce petroleum shipping costs. Meanwhile, gold rebounded more than 1% from a one-week low, supported by a weaker US dollar,
Oil prices fell more than $1 in early trade on Thursday as investors weighed risks to supply from attacks on shipping through the Strait of Hormuz against US efforts to cut petroleum shipping costs by easing sanctions on vessels.
Brent crude futures fell $1.39, or 1.31%, to $104.67 a barrel, while US West Texas Intermediate crude futures were down $1.02, or 1.07%, to $94.07, reversing gains from the previous session.
WTI rose to a three-week high in the prior session after the Houthis attacked Saudi Aramco's headquarters and Iran said it was deploying new tactics to target ships in the Strait of Hormuz and keep oil prices high.
Gold rose more than 1% on Thursday, rebounding from a one-week low hit in the previous session as the US dollar eased, while investors assessed the likelihood of a Federal Reserve interest rate increase this month after a hot inflation report.