Signs of Middle East Crisis Easing Lead to Decline in International Oil and Gold Prices

[Asia Economy New York=Correspondent Kim Bong-su] As Iran's limited provocation and U.S. President Donald Trump's speech urging restraint in escalation eased the risk of war in the Middle East, international oil and gold prices plummeted on the 8th (local time).

On that day, February delivery West Texas Intermediate (WTI) crude oil on the New York Mercantile Exchange (NYMEX) closed at $59.61 per barrel, down 4.9% ($3.09). At 3:40 p.m., March Brent crude on the London ICE Futures Exchange was trading at $65.81 per barrel, down 3.60% ($2.46).

International oil prices had surged about 5% the previous day on news of Iran's missile attacks on two U.S. military bases in Iraq, but they plunged as it became known that there were no casualties and that oil infrastructure in Iraq was not damaged.

In particular, President Trump stated in a national address at the White House that he does not want a military response to Iran and is ready to embrace peace.

As preference for safe-haven assets weakened, international gold prices also fell for the first time in 11 trading days. On that day, February delivery gold on the New York Commodity Exchange closed at $1,560.20 per ounce, down 0.9% ($14.10) from the previous day.

This content was produced with the assistance of AI translation services.