Hebron: Oil prices rose in early trading on Tuesday: supported by market anticipation surrounding details of a prospective agreement between the United States and Iran.
According to Palestine News and Information Agency, the oil market is reacting to the potential geopolitical implications of a U.S.-Iran deal. Such an agreement is expected to influence oil supply dynamics and affect energy markets globally. Brent crude futures experienced an increase of 26 cents, or 0.3%, reaching $83.42 per barrel, while U.S. West Texas Intermediate (WTI) crude saw a rise of 46 cents, or 0.3%, bringing it to $81.12 per barrel.
Meanwhile, gold prices remained largely stable as investors refrained from making new moves ahead of the anticipated announcement. The terms of the agreement are expected to shape the trajectory of regional tensions and their impact on both energy and precious metals markets. Spot gold edged up by 0.2% to $4,315.87 per ounce after a considerable surge of approximately 3.6% on Monday, marking its highest level since June 5.