West Asia LIVE: Oil prices slip as Iran-Oman talks fuel hopes for U.S.-Iran peace deal
Gold prices have reached a seven-week high as oil prices decline due to potential progress in Iran-Oman peace talks. Investors are reacting to the possibility of a U.S.-Iran deal that could reopen the Strait of Hormuz.
Why it matters
Geopolitical developments in the Middle East continue to drive volatility in global energy and precious metal markets.
Gold advanced for a fourth straight session on Thursday (April 6, 2026)and touched its highest level in seven weeks, helped by weaker oil prices, a softer dollar and lower Treasury yields, on growing hopes over the Strait of Hormuz reopening.
Spot gold was up 1% at $4,285.84 per ounce by 0132 GMT, the highest level since June 18. On Wednesday, bullion posted its biggest daily gain since February.
U.S. gold futures rose 0.9% to $4,345.80.
Oil prices slipped on Thursday (August 6, 2026) as investors assessed whether progress in Iran-Oman talks could pave the way for a U.S.-Iran peace deal to end the five-month war and reopen the Strait of Hormuz.
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