{"id":56476,"title":"Oil prices hover near $90 and gold rises amid Middle East tensions","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2026-08-12T06:43:58+00:00","modified":"2026-08-12T06:43:58+00:00","canonical_url":"https://stockmark.it/oil-prices-hover-near-90-a-barrel-and-gold-hits-two-month-high-as-trum/","markdown_url":"https://stockmark.it/oil-prices-hover-near-90-a-barrel-and-gold-hits-two-month-high-as-trum.md","json_url":"https://stockmark.it/oil-prices-hover-near-90-a-barrel-and-gold-hits-two-month-high-as-trum.json","category":"Oil & Gas","categories":["Oil & Gas"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/2026/08/oil-prices-hover-near-90-and-gold-rises-amid-middle-east.png?fit=1536%2C1024&quality=80&ssl=1","format":"news","language":"en-GB","content":"Global oil markets have seen Brent crude fluctuate around the $90 per barrel mark, dipping slightly from a recent peak while spot gold climbed to its highest level in two months. These movements occur as geopolitical instability persists following US demands for compensation regarding damage incurred by American interests and complicating diplomatic standoffs with Tehran.\n\nWall Street opened with mixed results this week. The S&P 500 remained flat, the Dow Jones rose marginally by 0.4 per cent, while the Nasdaq fell slightly. In London, the FTSE 100 managed a modest gain of 24 points to reach 10,885. European markets also showed slight improvements across major indices in Frankfurt and Paris.\n\nEconomic data remains scarce for this week aside from US consumer price inflation figures due on Wednesday and producer prices later that day. In the energy sector specifically, oil prices retreated after a brief surge of over two per cent earlier in the session. The dip followed reports of an attack by Iran-aligned Houthis on a small cargo ship in the Red Sea, which killed three crew members. If confirmed as the first fatalities from such a strike since the recent escalation involving US and Israeli forces against Iranian targets, this incident underscores the ongoing maritime security risks.\n\nMeanwhile, spot gold prices dipped slightly to $4,383 an ounce after hitting a two-month high of nearly $4,435. The precious metal has been resilient despite broader market volatility driven by regional conflicts.\n\nIn Europe, hotel accommodation costs have surged significantly as hundreds of thousands of tourists travel to witness the first total solar eclipse visible from the continent this century. Prices in Reykjavik jumped 98 per cent compared with last year, while Spanish cities saw increases ranging between 24 and 135 per cent depending on location.\n\nDomestically, Asda announced plans to outsource its cleaning staff of approximately 3,500 employees to third-party providers. The move has drawn criticism from the GMB union but management insists it will improve customer experience through better technology. Elsewhere in retail and agriculture, NatWest is offering emergency support including interest rate cuts for farmers struggling with drought conditions.\n\nBellway warned that its profit outlook remains uncertain due to weaker demand and rising costs, forecasting full-year profits at the lower end of previous predictions despite completing more homes than anticipated last year. The housebuilder called on the government to reduce stamp duty to help first-time buyers enter the property market.\n\nIn corporate news, shares in International Workplace Group fell sharply after analysts highlighted cashflow risks linked to higher debt and costs associated with the Middle East conflict. Conversely, Heathrow airport argued for expansion following its loss of status as Europe’s busiest hub to Istanbul last month, citing record passenger numbers despite a decline on specific routes affected by regional tensions."}