- The WTI roses from a maximum of five months of $ 74.40, which was marked on Friday.
- Israel warned about an attack with missiles and drones from Iran after Israel’s attack on Iranian sites.
- Iran retired from the sixth round of conversations with the United States after Israel’s attack.
The price of West Texas Intermediate (WTI) oil cut its daily profits after reaching a maximum of five months of $ 74.40, currently quoting around $ 71,80 per barrel during Friday’s European hours. Crude oil prices shot due to growing concerns about supply interruptions. The increasing tensions in the Middle East threaten to interrupt the Ormuz Strait, a key route for approximately 20% of global oil transport.
Israel expects an attack with missiles and drones from Iran after Israel’s preventive attack on dozens of Iranian sites to dismantle its nuclear program, as indicated by Israeli defense minister Israel Katz. Katz also declared a special state of special emergency in the country, according to Axios.
In addition, the Secretary of State of the White House, Marco Rubio, issued a statement that says: “Tonight, Israel took unilateral action against Iran. We are not involved in attacks against Iran, and our top priority is to protect US forces in the region.” “Let me be clear: Iran should not attack the interests or US staff,” Rubio added.
In response to the Israeli attack, Iran withdrew from the sixth round of conversations between the United States (USA) and will be scheduled for Sunday, Iran International cited Aladdin Boroujerdi, a member of the National Security and Foreign Policy Commission of Parliament.
In addition, the US Energy Information Administration (EIA) published the variation of crude oil stocks, showing a decrease of 3.6 million barrels in the previous week, exceeding the forecasts of a decrease of 2 million barrels. The decrease in oil stocks indicates a strong demand.
FAQS SILVER
Silver is a highly negotiated precious metal among investors. Historically, it has been used as a value shelter and an exchange means. Although it is less popular than gold, operators can resort to silver to diversify their investment portfolio, for their intrinsic value or as a possible coverage during periods of high inflation. Investors can buy physical silver, in coins or bullion, or negotiate it through vehicles such as the funds quoted in the stock market, which follow their price in international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can cause the price of silver to shoot due to its safe refuge status, although to a lesser extent than that of gold. As an asset without performance, silver tends to climb with lower interest rates. Its movements also depend on how the US dollar (USD) behaves, since the asset is quoted in dollars (XAG/USD). A strong dollar tends to maintain the price of silver at bay, while a weaker dollar probably drives rising prices. Other factors such as investment demand, mining – silver supply is much more abundant than gold – and recycling rates can also affect prices.
Silver is widely used in the industry, particularly in sectors such as electronics or solar energy, since it has one of the highest electrical conductivities of all metals, surpassing copper and gold. An increase in demand can increase prices, while a decrease tends to reduce them. The dynamics in US economies, China and India can also contribute to price fluctuations: for the US and particularly China, its large industrial sectors use silver in several processes; In India, the demand for consumers for precious metal for jewelry also plays a key role in pricing.
Silver prices tend to follow gold movements. When gold prices go up, silver typically follows the same path, since their status as shelter is similar. The gold/silver ratio, which shows the number of ounces of silver necessary to match the value of an ounce of gold, can help determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that silver is undervalued, or that gold is overvalued. On the contrary, a low ratio could suggest that gold is undervalued in relation to silver.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
