Commodity markets traded mixed on September 9, with oil prices rising for a fourth straight session amid escalating tensions between the US and Iran, while gold remained under pressure.
Oil prices jumped for the fourth straight session, gaining more than $1 in early trade on Wednesday after Iran launched fresh attacks on U.S. military assets in the Gulf as the war between Washington and Tehran continued to spill out across the region.
Brent crude futures rose to $99.49 a barrel. U.S. West Texas Intermediate crude was at $94.6 a barrel, up $1.60, or 1.8%.
Brent crude prices have jumped by a quarter since early August as hopes for a permanent resolution to the six-month-old war faded and as fighting flared again.
Gold held a three-day decline, as fresh attacks on ships in the Middle East added to inflationary risks and raised prospects for a US interest-rate hike. Bullion was little changed near $4,360 an ounce, having dropped 2.6% over the last three sessions.