🔺 Oil prices fall and gold rises while awaiting the outcome of efforts to end the war

▪ On Wednesday, oil prices fell for the third consecutive day; at the same time, investors are waiting for the outcome of diplomatic efforts to end the war between the Islamic Republic and the United States and to reopen the Strait of Hormuz.

▪ The price of Brent crude fell by more than 1% to around $78 per barrel, and its total weekly decline exceeded 12%. U.S. West Texas Intermediate crude also traded at nearly $75 after a similar drop, losing more than 11% of its value since the beginning of the week.

▪ The drop in prices intensified after Qatar said that mediators have made progress on the path to ending the war.