Gold climbed 0.8 per cent before paring gains. West Texas Intermediate rose 2.5 per cent. The US dollar appreciated while US equity futures declined.

Oil markets are reacting to the impact of a U.S. decision to directly enter the Iran-Israel conflict.

Gold climbed 0.8 per cent before paring gains. West Texas Intermediate rose 2.5 per cent. The US dollar appreciated while US equity futures declined.

Brent crude futures were up $1.52 or 1.97 per cent to $78.53 a barrel as of 6am UK time. US West Texas Intermediate crude advanced $1.51 or 2.04 per cent to $75.35.