The White House said a since-deleted post from Energy Secretary Chris Wright about a U.S. Navy escort through the Strait of Hormuz was false.
Prices fell sharply after the post, but there has been no major rebound once it was debunked.
Now, U.S. intelligence has reportedly started seeing signs that Iran may be taking steps to deploy mines in the Strait of Hormuz.
That could not only push oil prices higher but also weigh on gold’s rebound. Gold rose to around $5,190 per ounce as the U.S. dollar weakened after President Donald Trump suggested the conflict in the Middle East may be nearing an end.
Trump also warned Iran that if it stops the flow of oil through Hormuz, it will be “hit by the United States of America 20 times harder than they have been hit thus far.”
For the exact date and time of major economic events, import the BlackBull Markets Economic Calendar to receive alerts directly in your email inbox.
Trading involves risk and may not be suitable for all investors. The information provided in this article is for educational purposes only and does not constitute financial advice. Always conduct thorough research and seek professional advice before making any investment decisions.
