Oil Heads Toward Largest Weekly Gains Since July, Gold Slips

Oil prices rose today, Friday, heading toward their biggest weekly gains since mid‑July, buoyed by renewed tensions between the United States and Iran and concerns over supply disruptions through the Strait of Hormuz, while gold moved within a narrow range ahead of the release of U.S. jobs data.

The rise in oil coincided with continued shipping traffic through the Strait of Hormuz at low levels, as preliminary data from Kpler showed only four vessels carrying raw goods crossed the waterway yesterday, Thursday, compared to nine vessels the previous day and a 10‑day average of about 15 ships.

The traffic included two medium‑range tankers, a crude oil tanker of the Camasamax class, and a Handy Size vessel, and the numbers may change later; some ships shut down their transponders during transit for security reasons, making accurate traffic monitoring difficult.

Supply concerns rose after Iran expanded its list of vessels it considers non‑compliant and threatened to impose fines, seize, or detain them if they attempted to cross the strait. Iraqi vessels remain within the limited number that Tehran allows to pass.

U.S. Vice President Dan Faison said Washington does not plan to engage in talks with Iran unless Tehran stops its attacks on commercial vessels in the Strait of Hormuz, while Russian President Vladimir Putin tempered expectations of a resolution to the war in Ukraine, which could limit oil price gains.

The governor said he might support keeping rates steady if data continue to show easing inflationary pressures. Higher rates generally weigh on gold, as they increase the appeal of income‑generating assets, while the metal benefits from lower rates and rising geopolitical risks.