Oil prices rose in global market trading on Monday amid ongoing tensions in the Strait of Hormuz and a slowdown in energy transport through the waterway. Meanwhile, global gold prices declined, pressured by inflation anxieties and expectations of a U.S. interest rate hike.
Crude Oil Benchmarks
Brent Crude: Rose by 58 cents, or 0.8%, to settle at $72.57 per barrel.U.S. West Texas Intermediate (WTI): Climbed by 88 cents, or 1.3%, to trade at $70.11 per barrel.
Gold Market Action
Spot Gold: Fell by 0.6% to $4,062.89 per ounce.U.S. Gold Futures (August delivery): Dipped by 0.5% to settle at $4,077.50 per ounce.
