Oil prices climbed on Wednesday as renewed tensions in the Middle East raised concerns about the security of energy shipments. Brent crude moved above $106 a barrel, while US West Texas Intermediate approached $95, with traders assessing the risk of further attacks on tankers and disruption to Persian Gulf supply routes.
Gold remained near a two-day low after recent declines, with international bullion trading around $4,155 an ounce. Silver also edged lower, trading near $59.04 an ounce, as investors weighed the outlook for US interest rates and inflation. Higher energy prices can complicate the inflation outlook and influence expectations for monetary policy.
For India, higher crude prices can increase the import bill and add pressure to domestic fuel costs and the rupee. Domestic bullion rates vary by location, purity, taxes and dealer charges, so international prices should not be treated as exact retail prices.
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