Crude oil prices fell in after-hours trading on Wednesday after gaining during regular hours, as remarks from President Trump suggested the U.S. might delay military action against Iran's crackdown on protests. Metal prices extended their strong rally since the start of the year, with gold, silver, tin, and copper all hitting new highs, including silver breaking through $93 per ounce.
Crude Oil: Trump Hints at Possible Delay in Iran Military Action; Oil Prices Fall in After-Hours Trading
Crude oil prices declined after Wednesday's close, erasing gains made during regular trading hours. This followed remarks by U.S. President Donald Trump indicating he had been informed Iran would cease killing protesters, suggesting he might delay threatened military action against Tehran's crackdown on widespread domestic demonstrations.
After Wednesday's settlement, WTI crude prices rapidly reversed course, briefly falling 3% to around $59 per barrel before narrowing losses. The futures contract settled at $62.02 per barrel on Wednesday. By the close of regular trading on Wednesday, oil prices had risen for five consecutive sessions as traders awaited the U.S. response to Iran's political turmoil. The U.S. has been mobilizing military personnel in the Middle East, while Iran warned neighboring countries against assisting in attacks.
At 3:53 p.m. New York time, February WTI crude futures were down 1.6% at $60.16 per barrel. The regular session settlement price was $62.02 per barrel.
March Brent crude futures fell 1.5% to $64.48 per barrel. The regular session settlement price was $66.52 per barrel.
Metals: Gold, Silver, Tin Hit Record Highs
Metal prices extended their remarkable rally this year on Wednesday, with gold, silver, copper, and tin all reaching record highs as investors flocked to these commodities as alternatives to more traditional assets.
Geopolitical hotspots from Venezuela to Iran, along with the Trump administration's attacks on the Federal Reserve, have driven investors toward safe-haven assets.
Silver broke through $93 per ounce as White House Chief of Staff Will Scharf announced that President Trump signed an order to secure rare earth supplies based on the findings of the Section 232 trade investigation. Gold also hit a new all-time high. Tin stood out among base metals, surging nearly 11% at one point; nickel also rose sharply, while copper hit a record high.
At the close of London trading:
LME copper futures rose 0.2% to $13,188.50 per tonne;
LME aluminum futures fell 0.4% to $3,186 per ton;
LME nickel futures rose 5.7% to $18,694 per ton;
LME zinc futures gained 2.3% to $3,276 per ton;
LME tin futures surged 7.9% to $53,462 per ton;
LME lead futures rose 0.8% to $2,078.50 per tonne.
At 3:20 PM New York time,
Spot gold rose 1.1% to $4,634.96 per ounce;
Spot silver rose 7.3% to $93.2803 per ounce.
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