Oil and Gold Prices Surge Following Israeli Attack on Iran

Abu Dhabi: Oil prices experienced a substantial increase of approximately eight percent in early Asian trading on Friday, as gold prices edged closer to setting a new record high. This surge in oil and gold prices comes in the wake of a recent Israeli attack on Iran, escalating geopolitical tensions in the region. According to Yemen News Agency, by 6:15 GMT, Brent North Sea crude futures were trading at over $74 per barrel, marking an increase of about $5, or over 7 percent. Similarly, US West Texas Intermediate crude futures saw a rise, trading at around $73.40, an increase of 5.35 cents, or 7.8 percent. These figures represent the highest levels for oil prices since early April. In parallel, gold prices have shown a significant uptick as investors flock to safe-haven assets amidst rising geopolitical risks. Spot gold is currently trading at over $3,422 per ounce, an increase of $35.50, or 1.04 percent. US gold futures have also seen a rise, climbing more than $40, or 1.19 percent, to reach $3,443 per ounc e. This positions gold prices to potentially surpass the all-time high recorded on May 6.