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Oil rises more than $1 as Iran talks and US data sway markets
Brent settled at $88.52 a barrel, up 1.67%, while US Treasuries pulled back after an initial rally tied to retail sales data.
U.S. and European stocks fell as oil prices rose more than $1 a barrel, with traders weighing tense U.S.-Iran talks alongside fresh economic data that reduced expectations for a Federal Reserve rate hike next month, according to LiveMint Markets, citing Reuters.
The report said faltering talks to end the Iran war left oil and gas prices set up for sizeable weekly gains, after the U.S. threatened to increase economic pressure on Iran, including extending a naval blockade. It also noted that a survey showed U.S. consumer sentiment deteriorated in early August as the rising cost of living was linked to the Middle East conflict.
A separate retail sales surprise pushed the U.S. dollar lower and supported gold prices, while Treasury prices slipped on Friday after losing momentum from the initial rally. In equities, the S&P 500 ended down 0.17% at 7,785.76, the Nasdaq fell 0.28% to 26,729.16, and the Dow Jones Industrial Average declined 0.20% to 53,732.41.
On oil markets, Brent crude oil futures settled at $88.52 a barrel, up 1.67%, and U.S. futures finished at $82.40, up 1.42%. The article also cited commentary that geopolitical uncertainty remains a key macro factor weighing on markets despite support from earnings and the monetary policy outlook.
Latest closeGold $4,432.00 ▲1.6%|WTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%