According to Sina Finance, crude oil prices fell on Thursday as traders balanced profit-taking against concerns over Middle East oil supplies, though prices still posted a weekly gain. Nickel prices climbed to a three-week high amid uncertainty regarding mining policies in Indonesia, a major producer. Gold prices declined as escalating tensions in the Middle East reignited market expectations that the Federal Reserve might need to raise interest rates to curb inflation.

Crude Oil: Prices Fall; Profit-Taking Curbs Gains

Crude oil prices fell on Thursday as traders balanced profit-taking against concerns over Middle East oil supplies, though prices still posted a weekly gain.

Global benchmark Brent crude settled above $84 per barrel, while the U.S. benchmark WTI settled below $79 per barrel. Both benchmarks rose approximately 11% for the week.

The U.S. launched fresh strikes against Iran on Thursday, following an incident the previous night in which an oil tanker was attacked near a key Iranian export terminal. Meanwhile, reports indicate that Tehran has instructed Yemen's Houthi rebels to close the Bab el-Mandeb Strait—a gateway to Red Sea shipping lanes—should Iranian power infrastructure come under U.S. attack.

Tehran has repeatedly threatened to close the Red Sea passage—a vital lifeline for Saudi Arabian oil exports—during times of conflict. However, the Houthis, a key part of Iran's proxy network, have yet to take such action.

"Unless there is a material escalation in the situation, traders are reluctant to push prices significantly higher," said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. "The spot market has not yet signaled a severe supply shortage."

While visible transit volumes through the Strait of Hormuz have declined, some shipping appears to be continuing, with several tankers conducting ship-to-ship transfers off the coast of Oman. According to the Joint Maritime Information Center, the U.S. assisted 10 vessels in transiting the Strait of Hormuz over the past 48 hours.

Meanwhile, oil loading operations in Iraq are continuing following an earlier attack on a tanker while it was loading oil in the country. August WTI crude oil fell 0.8% to settle at $78.95 per barrel.

September Brent crude fell 0.9% to settle at $84.23 per barrel.

Base Metals

Nickel prices rose to a three-week high as uncertainty regarding mining policies in Indonesia—a major producer—sparked concerns about future supplies.

Nickel, a key battery raw material, surged as much as 3.1%, leading gains among base metals on the London Metal Exchange (LME).

Indonesia accounts for over 60% of global nickel supply. Mining companies had planned to apply for increased mining quotas earlier this month, but the Indonesian government has yet to clarify the relevant procedures.

At the close, LME copper futures rose 0.1% to $13,598.50 per tonne.

LME aluminum futures rose 1.1% to $3,185 per tonne.

LME nickel futures rose 2.1% to $17,152 per tonne.

LME zinc futures rose 1.3% to $3,593.50 per tonne.

LME tin futures rose 0.7% to $53,156 per tonne.

LME lead futures rose 1.1% to $1,872.50 per tonne.

Precious Metals

Gold prices fell as escalating tensions in the Middle East reignited market expectations that the Federal Reserve might need to raise interest rates to curb inflation.

Amid escalating hostilities between Iran and the U.S., gold prices dropped as much as 2.3%, falling below $4,000 per ounce.

A stronger U.S. dollar and rising Treasury yields weighed on gold. Oil prices rose over the week, intensifying market concerns about inflation.

As of 4:41 p.m. ET, spot gold was down 2.1% at $3,975.29 per ounce.

Spot silver fell 3.9% to $55.524 per ounce.

SunSirs has been continuously tracking price data for over 200 commodities for nearly 20 years, please contact support@sunsirs.com for subscription.