3 weeks ago

Oil surges 5% as Iran-Hormuz deal falters; gold hits high

Oil surges 5% as Iran-Hormuz deal falters; gold hits high
Oil surges 5% as Iran-Hormuz deal falters; gold hits two-month high above $4,400 · wionews.com

Oil and gold are things people buy and sell, and their prices change all the time.

This week, the price of oil went up a lot, by about five percent.

It went up because people were worried about the Strait of Hormuz, a very important waterway where many ships carrying oil travel.

Iran and the United States are arguing about this waterway and about other problems between them.

Iran said it will only reopen the strait if the United States meets six strict conditions.

The United States, led by President Donald Trump, said Iran should pay money for damage it has caused.

When people are worried about problems like this, they often buy gold, because gold is seen as a safe thing to own.

That is why the price of gold went up to its highest level in two months.

There was also worrying news about jobs in the United States, which made people want safe things to buy.

Many people are now watching to see if the government will change interest rates, which are like the price of borrowing money.

Key facts

Oil price surge
About 5% for Brent crude and US crude futures
Oil intraday high
$90.02 per barrel
Oil trading range
$87-$89 per barrel
Gold two-month high
Above $4,400 per ounce
Gold intraday peak
$4,434.84 per ounce
Iran's preconditions
Six strict conditions for reopening the Strait of Hormuz
US July jobs change
Unexpected loss of 23,000 jobs
September rate hike odds
48% per CME FedWatch Tool

Quotes

Donald Trump

President of the United States

““We’re going to ask for money for the damage they’ve done over a 50‑year period. So if there’s damages to be paid, I think Iran should pay those damages.””
wionews.com

Sources

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