Brent and WTI crude oil prices extended recent losses toward $86/b and $80/b levels respectively on Monday morning, after a lack of immediate escalation between Iran-Israel, and despite the new U.S. sanctions on Iran’s oil sector.

The U.S. dollar climbed to 5-month highs against major peers and the major stock indices plunged as the hotter-than-expected U.S. CPI inflation numbers pushed futures market traders to extend out expectations for the central bank’s first rate cut to September from June.

The greenback rose across the board as the latest U.S. economic and inflation data, combined with the stronger-than-expected NFP jobs data for March, pushed back expectations that the Federal Reserve will cut interest rates as soon as June.

Gold shines again, as the price of the yellow metal recorded another record-high of $2,288/oz on Wednesday morning, driven by the increased haven demand after an escalation in the Middle East tension, coupled with the uncertainty over U.S. interest rates.

Both Brent and WTI crude oil prices rose as high as $89.50/b and $85/b respectively on Tuesday morning, nearing 6-month highs, driven by the escalating tension in the Middle East, the tighter oil supplies from OPEC+ and Mexico, the Russian refinery outages, and the resilient petroleum demand, especially from China, Europe, and the U.S.

Gold shines again, as it hit a fresh record-high of $2,141/oz on Tuesday morning on growing bets that the Federal Reserve will start cutting interest rates this year (June), together with the softer dollar and bond yields, and on safe-haven demand due to the geopolitical risks