Oil, gold prices rise as geopolitical tensions mount before CPI

Business Recorder reported that oil and gold prices rose in Tokyo on Wednesday as geopolitical tensions intensified before major US inflation data. US crude climbed 0.89 per cent to $83.94 a barrel, while Brent advanced 0.78 per cent to $89.60, and spot gold gained 0.46 per cent to $4,387.03 an ounce. Both crude benchmarks had already closed Tuesday more than $1 higher, their strongest finish since July 31.

Separate attacks on shipping were reported by the US and Yemen's Houthis. A Houthi attack on Tuesday killed four crew members aboard a vessel owned in Egypt, according to Yemen's transport ministry, and the deaths would be the first of their kind since the conflict with Iran started on February 28. Kyle Rodda said the lack of progress in talks, with Iran holding to its stance on the Strait of Hormuz, leaves oil risks tilted higher.

US consumer price data due later in the session is closely watched for clues on a possible Federal Reserve rate hike. A Reuters poll projects a 0.1 per cent monthly rise in July after a 0.4 per cent fall in June, with annual inflation seen easing to 3.4 per cent. Money markets put the odds of a hike at its meeting next month at an even chance, though the release will not reflect the latest energy price increase.