COMMODITIES: Oil prices and gold rise after new US proposal
7 maj, 13:38
(Alliance News) - Oil prices were higher on Thursday, but remained below the key USD100 level as focus shifted to Iran, which has yet to respond to a new US proposal to end the conflict.
Spot Brent crude was trading at USD98.50 around midday on Thursday, up from USD97.81 on Wednesday. Spot West Texas Intermediate rose to USD91.79 from USD90.51.
US President Donald Trump said Wednesday he believed a deal with Iran was "very possible", but threatened to resume his bombardment of the country if negotiations fell apart.
Iran's foreign ministry spokesman Esmaeil Baqaei said the US proposal remained "under review" and Tehran would communicate its position to mediator Pakistan "after finalising its views".
The US proposal is understood to include a one-page memorandum that would, if accepted by Iran, lead to a gradual reopening of the Strait of Hormuz and the lifting of US restrictions on access to Iranian ports, ING analysts Warren Patterson and Ewa Manthey said.
"Iran is expected to respond through a mediator in the coming days, although no agreement has been reached and more detailed negotiations, including on Iran's nuclear programme, would still follow," Patterson and Manthey said.
Crude oil inventories in the US continue to tighten, while buyers have become more reliant on US barrels to offset disrupted Middle Eastern supply, ING analysts said.
Official US crude oil inventories fell by 2.3 million barrels for the week that ended May 1 to 457.2 million barrels, the Energy Information Administration reported on Wednesday.
The benchmark TTF gas futures contract for delivery in one month firmed to EUR43.38 per megawatt hour on Thursday from EUR41.27 on Wednesday.
Spot gold was quoted at USD4,734.18 an ounce on Thursday, up from USD4,711.20 at the same time on Wednesday. Silver jumped to USD80.55 an ounce from USD77.30.
The yellow metal remained on the front foot on Thursday, amid growth hopes of a possible US-Iran deal.
But the outlook remains fragile, DHF Capital analyst Bas Kooijman said, warning: "Any setback in negotiations could quickly reignite global inflation fears, driving yields higher and weighing on bullion."
"Stronger demand for the dollar could also weigh on the metal and limit its rebound," Kooijman said. As a result, gold could remain highly sensitive to geopolitical headlines and shifts in energy markets, he added.
Investors will closely monitor the upcoming US employment reports for further clues on the strength of the economy and the US Federal Reserve's monetary policy outlook, in addition to any progress in diplomatic talks in the Middle East, DHF Capital's Kooijman said.
Central bank purchases of gold could provide a supportive longer-term backdrop for gold if the trend continues, Kooijman predicted.
Elsewhere, platinum was priced at USD2,076.16 an ounce on Thursday, up from USD2,040.40 on Wednesday. But palladium eased to USD1,541.96 an ounce from USD1,545.05.
In base metals, the copper price advanced to USD13,391.50 per tonne from USD13,100.50, but aluminium dropped to USD3,537.50 from USD3,574.00.
By Artwell Dlamini, Alliance News senior reporter South Africa
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.
COMMODITIES: Oil prices and gold rise after new US proposal
7 maj, 13:38
(Alliance News) - Oil prices were higher on Thursday, but remained below the key USD100 level as focus shifted to Iran, which has yet to respond to a new US proposal to end the conflict.
Spot Brent crude was trading at USD98.50 around midday on Thursday, up from USD97.81 on Wednesday. Spot West Texas Intermediate rose to USD91.79 from USD90.51.
US President Donald Trump said Wednesday he believed a deal with Iran was "very possible", but threatened to resume his bombardment of the country if negotiations fell apart.
Iran's foreign ministry spokesman Esmaeil Baqaei said the US proposal remained "under review" and Tehran would communicate its position to mediator Pakistan "after finalising its views".
The US proposal is understood to include a one-page memorandum that would, if accepted by Iran, lead to a gradual reopening of the Strait of Hormuz and the lifting of US restrictions on access to Iranian ports, ING analysts Warren Patterson and Ewa Manthey said.
"Iran is expected to respond through a mediator in the coming days, although no agreement has been reached and more detailed negotiations, including on Iran's nuclear programme, would still follow," Patterson and Manthey said.
Crude oil inventories in the US continue to tighten, while buyers have become more reliant on US barrels to offset disrupted Middle Eastern supply, ING analysts said.
Official US crude oil inventories fell by 2.3 million barrels for the week that ended May 1 to 457.2 million barrels, the Energy Information Administration reported on Wednesday.
The benchmark TTF gas futures contract for delivery in one month firmed to EUR43.38 per megawatt hour on Thursday from EUR41.27 on Wednesday.
Spot gold was quoted at USD4,734.18 an ounce on Thursday, up from USD4,711.20 at the same time on Wednesday. Silver jumped to USD80.55 an ounce from USD77.30.
The yellow metal remained on the front foot on Thursday, amid growth hopes of a possible US-Iran deal.
But the outlook remains fragile, DHF Capital analyst Bas Kooijman said, warning: "Any setback in negotiations could quickly reignite global inflation fears, driving yields higher and weighing on bullion."
"Stronger demand for the dollar could also weigh on the metal and limit its rebound," Kooijman said. As a result, gold could remain highly sensitive to geopolitical headlines and shifts in energy markets, he added.
Investors will closely monitor the upcoming US employment reports for further clues on the strength of the economy and the US Federal Reserve's monetary policy outlook, in addition to any progress in diplomatic talks in the Middle East, DHF Capital's Kooijman said.
Central bank purchases of gold could provide a supportive longer-term backdrop for gold if the trend continues, Kooijman predicted.
Elsewhere, platinum was priced at USD2,076.16 an ounce on Thursday, up from USD2,040.40 on Wednesday. But palladium eased to USD1,541.96 an ounce from USD1,545.05.
In base metals, the copper price advanced to USD13,391.50 per tonne from USD13,100.50, but aluminium dropped to USD3,537.50 from USD3,574.00.
By Artwell Dlamini, Alliance News senior reporter South Africa
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.
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