London, June 8 (SANA) Global oil prices jumped more than 3 percent on Monday, while gold extended recent losses, as renewed tensions in the Middle East heightened concerns over energy supplies and investors weighed expectations of tighter U.S. monetary policy.
According to Reuters, Brent crude futures rose $2.67 to $95.76 a barrel, while U.S. West Texas Intermediate crude gained $2.57 to $93.11 a barrel in early Asian trading.
The gains followed renewed escalation in the region after Iran launched a number of missiles toward Israel on Sunday, while Israeli forces carried out strikes on several Iranian sites early Monday. The developments revived concerns over the stability of oil supplies from the Middle East, a key energy-producing region.
In contrast, gold prices continued to retreat as markets responded to interest rate expectations and a stronger dollar. Spot gold fell 0.4 percent to $4,313.11 per ounce, extending losses after a sharp decline late last week that brought prices to their lowest level since March 24.
U.S. gold futures for August delivery also slipped 0.7 percent to $4,336.30 per ounce.
Sentiment across financial markets was shaped by stronger-than-expected U.S. employment data, which reinforced expectations that the Federal Reserve could maintain higher interest rates for longer. The dollar held near a two-month high on the back of the data, adding further pressure on commodities priced in the U.S. currency.
Broader risk assets showed mixed reactions, with major currencies weakening against the dollar, while cryptocurrencies including Bitcoin and Ether managed modest gains after steep losses in the previous week, underscoring continued volatility across global markets.
At the same time, the yield on benchmark 10-year U.S. Treasury bonds remained elevated after reaching a two-week high in the previous session, increasing the opportunity cost of holding non-yielding assets such as gold and adding further pressure on prices.
The latest market movements highlight competing forces shaping investor sentiment, with geopolitical uncertainty supporting energy prices while expectations of tighter monetary conditions continue to weigh on precious metals and other risk-sensitive assets.
R.H/R.K
