Oil and gold prices moved higher on Tuesday amid rising conflict between Iran and Israel.
Brent crude rose by 34 cents to $73.57 a barrel as of 0340 GMT, while US benchmark West Texas Intermediate (WTI) was up 29 cents at $72.06. Both benchmarks had jumped more than 2 per cent earlier in the session, bouncing back from Monday’s decline.
Prices had eased a day earlier on signs that tensions might cool, after reports suggested Iran was open to winding down the hostilities. But that hope faded as the fighting entered its fifth day, with Iranian media reporting explosions and air defence activity over Tehran. Meanwhile, air raid sirens were heard in Tel Aviv following reported missile launches.
Gold prices also edged higher on Tuesday, with Spot gold rising 0.2 per cent to $3,388.57 an ounce by 04:18 GMT, following a decline of more than 1 per cent on Monday. US gold futures slipped 0.3 per cent to $3,407.20.
Among other precious metals, silver was up 0.2 per cent at $36.41 per ounce, platinum rose 0.2 per cent to $1,248.17, and palladium gained 0.2 per cent to $1,031.13.
