Slight Increase in Gold Prices Ahead of U.S. Inflation Data

SadaNews Economy - Oil prices rose during trading on Thursday, February 19, continuing gains of 4% from the previous session, coinciding with investors evaluating U.S.-Iranian efforts to resolve their dispute.

In terms of trading, Brent crude futures increased by 0.2% to $70.52 per barrel, while U.S. crude futures rose by 0.3%, reaching $65.39 per barrel.

Both indices had increased by more than 4% at yesterday's close on Wednesday, marking their highest levels since January 30, as traders assessed the likelihood of supply disruptions amid fears of conflict between the U.S. and Iran.

The White House stated yesterday, Wednesday, that Iran's talks in Geneva this week made some progress, but there are still disagreements on some issues, adding that Tehran is expected to return with more details within two weeks.

Despite ongoing discussions, Iran issued a notice to pilots that it plans to launch missiles in areas in the south today, Thursday, according to the U.S. Federal Aviation Administration.

On the U.S. side, warships have been deployed near Iran. U.S. Vice President J.D. Vance stated that Washington is considering whether to continue diplomatic engagement with Tehran or seek an "alternative option".

Meanwhile, market sources reported from the American Petroleum Institute that crude, gasoline, and distillate inventories in the U.S. declined last week, contrary to expectations in a Reuters survey that crude stocks would rise by 2.1 million barrels in the week ending February 13.

The U.S. Energy Information Administration is scheduled to release its official reports on oil inventories today, Thursday.