COMMODITIES REVIEW | Oil Posts Weekly Loss, Copper Extends Nine-Week Rally, Gold Slumps

Oil posted a weekly loss even as the path of the Iran war remained unclear, with millions of barrels continuing to move through the Strait of Hormuz and limiting price gains. According to Sina Finance, Brent crude for November delivery fell 0.5% to $88.10, while West Texas Intermediate dropped 0.2% to $83.40 a barrel and lost about 4% for the week. Copper climbed for a ninth straight week as traders kept focus on supply tightness. According to Sina Finance, LME copper rose 0.1% to $14,294 a ton after briefly topping $14,300 a ton, its longest winning streak since 2020. Gold tumbled after U.S. President Donald Trump said he would not lift the maritime blockade on Iranian ports, while Fed Chair Kevin Warsh reiterated his commitment to curbing inflation and boosted bets on U.S. rate hikes later this year. According to Sina Finance, spot gold fell 3.1% to $4,455.11 an ounce as of 4:59 p.m. U.S. Eastern Time, and spot silver dropped 4.1% to $66.3815 an ounce.