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Prices of crude oil (CL=F, BZ=F) and gold (GC=F) tick higher Wednesday morning on reports that Israel may be planning an airstrike against Iran's nuclear facilities.
Yahoo Finance senior energy markets reporter Ines Ferré outlines the price moves in these two key commodities.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
We're tracking moves in commodities and oil and gold this morning here with more. We've got Yahoo Finance senior markets reporter and Nesfere. Hey Nes.
Hey Brad and a report that Israel could strike against Iran's nuclear facilities is what has sent oil prices higher. We have seen a little bit of a seesaw with these prices. They are off their session highest, but uh you've got WTI up uh 0.8% and Brent Crude also up less than half of a percent. I'm going to pull up a one-month chart here because you'll recall that oil was under pressure recently because it seemed the US was nearing a nuclear deal with Tehran. Now that deal seems to be far from uh happening. Iran is the third largest producer among the OPEC members. So it's an very important producer. It also exports about 1 and a half million barrels of crude per day. There are some counter forces that have been happening here when it comes to crude prices. That's why we've seen today's move that hasn't been as pronounced as imagined. Those pressures include more production from Kazakhstan, also Norway, also increasing inventories, US inventories, and OPEC's increasing output. Also want to mention that the US dollar is down and that has also been sending oil prices higher as well, and also gold prices. So you'll see that gold is up to around 3,300 per ounce. You had seen a little bit of of gold prices going down when we saw the overall markets going higher because of the tariff relief rally that we saw recently, but now we are seeing investors going towards a safe haven once again, guys.
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