Oil and gold prices rise globally as tensions rise in the Middle East

Oil prices rose about 1% during trading on Wednesday, as the repercussions of the U.S.-Israeli war on Iran continued to disrupt Middle East supplies.

 CNN reported that Brent crude rose $1.17, or 1.4%, to $82.57 a barrel, after closing on Tuesday at its highest level since January 2025.

U.S. West Texas Intermediate crude rose 72 cents, or 1%, to $75.28 a barrel, after hitting its highest close since June.

Earlier, Iran announced the closure of the Strait of Hormuz in the midst of military escalation, which led to the disruption of oil tanker traffic and the rise of global fears of supply disruptions, which was directly reflected on crude prices in international markets.

Gold prices also rose more than 1% during Wednesday's trading, recouping part of their sharp losses in the previous session, as U.S.-Israeli strikes on Iran escalated and geopolitical uncertainty increased, boosting demand for safe-haven assets.