Oil markets saw a brief rally following reports of new tanker attacks, but analysts warn the sector may still record a steep decline by the end of the week.
West Texas Intermediate (WTI) crude closed at $89.35, a drop of $1.17 or 1.29% from the previous close. Brent crude ended the day at $97.13, down $1.16 or 1.18%. Both benchmarks have slipped slightly on the day, but the recent maritime incidents have spurred short‑term buying.
Other commodities moved modestly: gold traded at $4,077.80, down $11.32 (0.28%); silver at $52.123, down $0.253 (0.48%). Copper edged up to $6.2738, gaining $0.0038 (0.06%). Aluminum fell to $3,052.75, a decline of $8.75 (0.29%). Natural gas prices rose to $3.005, up $0.058 or 1.97%.
While the attacks have temporarily lifted oil prices, market participants expect the sector to continue its downward trajectory over the week, potentially erasing the gains made today.