Oil prices edged higher on Friday, marking the fourth consecutive month of gains for both WTI and Brent crude. WTI traded at $103.85, up $1.85 or 1.81%, while Brent settled at $112.94, rising $2.14 or 1.93%. The uptick comes amid heightened concerns over the recent tanker attack in the Strait of Hormuz, which has underscored the fragility of Middle‑East supply routes.
In contrast, precious metals slipped. Gold fell to $3,987.08, a drop of $34.31 or 0.85%, while silver slid to $50.825, down $1.555 or 2.97%. Base metals also saw modest declines: copper closed at $6.5223, down $0.0802 or 1.21%, and aluminum at $3,069.75, down $1.50 or 0.05%. Natural gas prices slipped to $2.912, a $0.040 or 1.36% decrease.
Market participants remain wary of potential disruptions to the oil supply chain, with the Hormuz incident serving as a stark reminder of geopolitical risks that could tighten market conditions further. Analysts suggest that while current supply fundamentals appear stable, any escalation could prompt a sharper rally in energy prices.
The broader market sentiment reflects a cautious optimism, with investors balancing the backdrop of geopolitical tension against the backdrop of steady demand from the United States and China. As the week progresses, traders will be watching for any new developments that could alter the risk profile of Middle‑East oil flows.