Brent rises to $108.68 and WTI to $103.45 as supply fears lift oil above $100 for the week
AI Market Summary
Escalating attacks on key Middle East shipping routes lifted Brent and WTI back above $100/bbl for the first weekly close since mid-May, marking the largest weekly gain since mid-July and intensifying energy-driven inflation concerns. Higher oil and firm US inflation strengthened expectations for a near-term Fed hike, pressuring gold toward a third weekly decline and weighing on broader precious metals as the dollar and yields stayed elevated.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT-1.72%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▼ Bearish
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Brent crude futures rose 1% to $108.68 a barrel and WTI gained 1% to $103.45, putting both benchmarks on track to end the week above $100 a barrel for the first time since midMay. Attacks along key Middle East shipping routes stoked concerns about supply disruptions, leaving oil up nearly 13% on the week, the steepest gain since the week ended July 17. Gold was steady near $4,315 an ounce while silver slipped 0.3% to $63.40 an ounce.
