Crude Oil Prices Fall Towards $70/Bbl, The Lowest Since February 2026; Precious Metals Gain

Crude Oil Prices Fall Towards $70/Bbl, The Lowest Since February 2026; Precious Metals Gain

Oil prices declined for a third consecutive session as crude shipments through the Strait of Hormuz increased and signs of progress emerged in indirect negotiations between the US and Iran.

West Texas Intermediate (WTI) traded near $68 a barrel after falling 3% over the previous two sessions, while Brent crude settled below $72/BBL.

Meanwhile, gold extended its rebound after remarks by US Federal Reserve Chairman Kevin Warsh eased expectations of an interest rate hike this year to combat inflation.

Bullion traded near $4,050 an ounce after gaining 0.6% on Wednesday, ending a two-day losing streak. Spot gold was up 0.3% at $4,053.57 an ounce, while silver advanced 0.4% to $59.35 an ounce.

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