MUFG's Derek Halpenny examines how uncertainty over Strait of Hormuz oil flows and tight US fuel inventories are shaping crude prices.

Silver price (XAG/USD) trades 0.35% higher to near $68.40 during the European trading session on Thursday, but is broadly sideways in a range between $67.35 and $70 this week.

Geoff Yu at BNY notes that improving flows through the Strait of Hormuz are easing Oil supply fears and supporting a lower Brent price profile. Kuwait and Qatar have restored crude shipments to about 70% of pre-war levels, lifting total Hormuz flows.

Gold (XAU/USD) erases its earlier intraday gains on Thursday as buyers turn cautious after a strong rally this month. The precious metal climbed to $4,697 earlier this week, its highest level since May 14, and is still up around 13% so far in August.

Gold (XAU/USD) is giving away the mild recovery seen during Thursday’s Asian session and pulls back below $4,600 during the European morning, as the US Dollar Index (DXY) consolidates above 99.00.

Silver prices (XAG/USD) rose on Thursday, according to FXStreet data. Silver trades at $68.39 per troy ounce, up 0.38% from the $68.13 it cost on Wednesday.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts some selling following the overnight bounce from the $79.30-$79.25 region, or an over two-week low, though the downside remains cushioned.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $80.90 during the early European trading hours on Thursday. WTI slumps as hopes grow for a reopening of the Strait of Hormuz amid diplomatic efforts involving Iran and Oman. 

Gold prices rose in India on Thursday, according to data compiled by FXStreet.

Gold (XAU/USD) catches fresh bids during the Asian session on Thursday, reversing a major part of the previous day's losses to the $4,583 region, or the weekly low.

West Texas Intermediate (WTI) oil price depreciates after registering modest gains in the previous day, trading around $81.30 per barrel during the Asian hours on Thursday. Crude oil prices decline amid signs of diplomatic progress in the Middle East.

Gold (XAU/USD) price drops over 1.37% on Wednesday as economic data from the United States (US) broadly aligned with estimates. Meanwhile, inflation remains close to the 4% threshold, increasing the likelihood of higher interest rates.

Crude Oil trades just above $82.00 and 1.78% higher on the session, which is not where it was heading.

ING Commodities Strategist Ewa Manthey analyses US aluminium policy and market structure, highlighting that Washington’s amended Section 232 tariffs aim to incentivize domestic smelting but will not quickly resolve the supply shortfall.

TD Securities’ commodity strategists Ryan McKay and Bart Melek note that heavy deal-related headlines around Iran and Oman are influencing energy markets, but they argue Crude Oil fundamentals remain tight.

Gold (XAU/USD) trades around $4,620 on Wednesday at the time of writing, down 0.83% on the day.

Gold (XAU/USD) edges lower on Wednesday as buyers trim their exposure ahead of the US Personal Consumption Expenditures (PCE) Price Index data, due at 12:30 GMT. At the time of writing, XAU/USD trades around $4,615 after reaching $4,697 on Tuesday, its highest since May 14.

Gold price (XAU/USD) is down 0.75% to near $4,620 during the European trading session on Wednesday.

Crude prices extend their reversal on Wednesday, with the US benchmark West Texas Intermediate (WTI) trading at the $79.50 area as of writing, highlighting a 9% decline from last week’s highs above $87.00.

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data. Silver trades at $68.54 per troy ounce, down 0.16% from the $68.65 it cost on Tuesday.

TradingKey - As of the Asian trading session on August 26, copper futures for September delivery on the New York Mercantile Exchange (COMEX) rose 1.8% to $6.727 per pound, equivalent to approximately

OCBC Bank strategists Sim Moh Siong and Christopher Wong note that improved prospects for shipping through the Strait of Hormuz and diplomatic developments involving Iran and Oman have eased supply concerns, pushing Brent crude below USD90/bbl.

Silver (XAG/USD) continues its struggle to make it through the $70.00 psychological mark and extends its two-way price moves through the first half of the European session on Wednesday.

ING analysts Warren Patterson and Ewa Manthey note that Oil prices are under renewed downward pressure, with ICE Brent breaking below $90/bbl as talks involving Iran, Oman and Pakistan on the Strait of Hormuz and the Middle East war progress.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – remains under some selling pressure for the third straight day and drops to a nearly two-week low during the Asian session on Wednesday.

Gold prices fell in India on Wednesday, according to data compiled by FXStreet.

Gold (XAU/USD) extends its two-way price moves for the second straight day and trades above $4,650 during the Asian session on Wednesday.

Silver price (XAG/USD) is up almost 1% to near $69.40 during the Asian trading session on Wednesday.

Gold price (XAU/USD) rises to around 4,670, the highest since May 14, during the early Asian session on Wednesday. The precious metal extends the rally amid a weaker US Dollar (USD) and as the US Treasury’s bond buyback plans.

The Russian agency RIA Novosti reported that Washington and Tehran agreed to a ceasefire, citing sources in Iran and Pakistan.