Oil prices fall, gold rises as markets weigh Hormuz risks

Oil and the dollar declined while gold gained on Thursday as investors balanced Strait of Hormuz supply threats against possible US sanctions easing.

• Brent futures fell 1.35% to $104.63 a barrel and WTI crude dropped 0.87% to $94.26 in Thursday trading.
• Spot gold rose 0.75% to $4,136.07 an ounce as the dollar index slipped 0.4% to 102.14 points.
• Shipping officials said a container ship and a dry bulk carrier sank near the Strait of Hormuz after being hit by projectiles in two separate incidents.
• A US official said the Trump administration is considering easing sanctions on shadow-fleet ships carrying oil from Russia, Iran, and Venezuela.
• Spot gold climbed 1.3% to $4,158.63 per ounce, while December futures gained 1.8% to $4,180.
• San Francisco Fed President Mary Daly said the bank will likely need to raise rates further but sees no hike at the October 27-28 meeting.
• The IEA reported global oil production rose about 2.5 million barrels per day in September to 102.3 million.
• US crude inventories fell 11.1 million barrels in the week ending October 9, far exceeding analyst expectations.
• Trump suspended sanctions on Russian diesel until April 7, drawing criticism from Zelensky, European nations, and some Republican senators.
• Companies would apply to the Treasury to use previously sanctioned vessels for legitimate oil flows, excluding Russian and Iranian shipments.