Commodity markets traded mixed on October 14, with oil prices rising amid renewed attacks in the Middle East that heightened uncertainty over the recovery of Persian Gulf energy flows, while gold held losses after a US Federal Reserve official signalled the possibility of one more rate hike this year.
Oil rose as a flare-up in attacks in the Middle East increased uncertainty over a recovery in Persian Gulf energy flows.
Brent climbed above $106 a barrel after falling 0.9% on Tuesday, while West Texas Intermediate advanced toward $95.
An escalation of Iranian attacks on tankers in the Strait of Hormuz is threatening the rebound in Gulf supply to near prewar levels, although the US said it assisted in shipping more than 19 million barrels of crude through the waterway.
Gold held a two-day decline after a Federal Reserve official signaled one more interest-rate hike may be needed this year, but further tightening won’t be necessary in 2027, improving sentiment toward the precious metal.