US takes a step back: Oil prices fall, gold climbs
Following the US suspension of its "Freedom Project," oil prices retreated, with Brent crude falling to 108 dollars. Meanwhile, gold per ounce rose, reaching 4,643 dollars.
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The US had announced the "Freedom Project," which envisioned escorting commercial vessels with warships in response to Iran's move to halt ship traffic in the Strait of Hormuz. However, the project was suspended shortly after.
US President Donald Trump, in his statement regarding the matter, said, "We have decided to suspend the project for a short time until it is seen whether an agreement with Iran will be signed or not. The blockade of the Strait of Hormuz continues with all our might."
Following Trump's announcement of the project, oil prices had experienced a sharp rise, with the price per barrel exceeding 110 dollars. With the announcement that the project had been halted, prices began to pull back.
WTI crude oil futures fell to the 100 dollar level per barrel. Brent crude, which is also used as a benchmark by Turkey, fell to the 108 dollar level following the latest developments after having risen to 114 dollars yesterday.
Along with the decline in oil prices, the upward movement in gold prices drew attention. Gold per ounce, which closed at 4,557 dollars yesterday, rose to the 4,643 dollar level today (06.30 TSI).