Discussions between Iran and Oman have raised expectations for an eventual peace agreement with the United States and the reopening of the crucial Strait of Hormuz. Consequently, global oil benchmarks dipped slightly while precious gold surged to a multi-week high on easing economic pressures.
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Discussions between Iran and Oman have raised expectations for an eventual peace agreement with the United States and the reopening of the crucial Strait of Hormuz. Consequently, global oil benchmarks dipped slightly while precious gold surged to a multi-week high on easing economic pressures.
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Gold hits seven-week high as Strait of Hormuz reopening expectations rise
Bullion recorded gains for the fourth consecutive trading day on Thursday (April 6, 2026), reaching its loftiest value in seven weeks. The rally was driven by softening crude prices, a weakening greenback, and slipping Treasury yields amid optimistic signals regarding the reopening of the Strait of Hormuz. Spot gold rose 1% to hit $4,285.84 per ounce by 0132 GMT, marking its highest point since June 18. A day prior on Wednesday, the precious metal had registered its strongest single-day surge since February. Meanwhile, U.S. gold futures climbed 0.9% to reach $4,345.80.Crude oil prices ease as Iran-Oman discussions raise hopes for peace agreement with Washington
Energy prices trended lower on Thursday (August 6, 2026) as market participants evaluated whether ongoing dialogue between Tehran and Muscat could pave the path for a peace treaty between Washington and Iran to conclude the five-month conflict and unblock the Strait of Hormuz. Brent crude futures shed 37 cents, or 0.5%, reaching $79.08 per barrel by 0024 GMT. Concurrently, U.S. West Texas Intermediate crude futures dropped 53 cents, representing a 0.7% decline, to $74.69 a barrel. On Wednesday, Brent had logged a modest gain, whereas WTI saw a slight drop. "Reports suggesting that talks between Iran and Oman are making headway triggered some selling pressure," observed Yuki Takashima, an economist at Nomura Securities.
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