Oil prices have surged due to geopolitical tensions, particularly from conflicts involving Israel and Iran, leading to supply disruptions through the Strait of Hormuz, a critical shipping route for global oil. Brent crude oil climbed 2.75% to reach $108.23 per barrel, while U.S. crude rose 2.09% to $96.37. The ongoing conflict has reduced shipping traffic significantly, with only seven vessels crossing the strait in a 24-hour period compared to the usual 140 ships before the conflict. In contrast, gold prices have slipped by 0.62%, settling at $4,679.09 per ounce, as rising bond yields and a shift in investor focus towards equities have dampened demand for the precious metal. Analysts anticipate continued volatility in oil prices due to these supply concerns and geopolitical risks, with Goldman Sachs projecting Brent at $90 and WTI at $83 in the fourth quarter. As central banks meet this week, their decisions on interest rates could further influence market dynamics, particularly if high oil prices contribute to rising inflation.