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Oil prices rose on Tuesday as renewed US-Iran fighting increased concerns over potential supply disruptions. Brent crude gained 1.1% to $91.60 per barrel, while WTI rose 1.5% to $87.23. The move followed President Donald Trump’s threat of additional strikes on Iran. Adding to supply concerns, a tanker was hit while transiting the Strait of Hormuz.
In the US market, stock futures were mostly flat early Tuesday. The final session of August saw stocks fall sharply as rising oil prices pushed Treasury yields higher.
Asian markets were mixed today, with Japan and South Korea largely subdued, while Hong Kong and China traded lower.
Gold is struggling near the $4,400 support level as a stronger US dollar and rising Treasury yields weigh on the precious metal. Expectations for a September Fed rate hike have increased sharply, with the CME FedWatch Tool now pricing a 66% probability, up from 39% a week earlier. Renewed US-Iran tensions and risks around the Strait of Hormuz are also supporting the dollar’s safe-haven demand, adding further pressure on gold despite the metal’s own geopolitical appeal.
Markets are now turning their attention to US labor-market data, including JOLTS and the ISM employment index on Tuesday, ADP employment on Wednesday, and the key Nonfarm Payrolls report on Friday. Strong data could reinforce Fed tightening expectations and pressure gold, while weaker numbers could weaken the dollar and support a recovery.
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