Dubai, UAE — Oil prices steadied on Friday after posting their first decline of the week, while gold extended losses and bitcoin remained under pressure amid concerns over inflation, interest rates and shifting investor sentiment.
Brent crude settled near $95 a barrel, while U.S. West Texas Intermediate traded below $93 after falling more than 3% on Thursday. Despite the pullback, the U.S. benchmark remained more than 6% higher for the week.
Oil markets were supported by expectations that ongoing talks between the United States and Iran could help secure energy flows through the Strait of Hormuz, a key route for global crude shipments.
Gold prices fell on Friday and were set for a weekly decline as investors assessed rising inflation and the possibility of further interest-rate increases.
Spot gold dropped 0.7% to $4,442.94 an ounce, bringing its losses for the week to about 2%. U.S. gold futures for August delivery fell 0.8% to $4,469.10.
Other precious metals also weakened, with spot silver falling 1.6% to $72.66 an ounce, platinum declining 1.1% to $1,879.42 and palladium losing 1.6% to $1,299.23. All three metals were on track for weekly losses.
In cryptocurrency markets, bitcoin fell 4% to $64,721.39, its lowest level since Feb. 28, extending a broader sell-off across digital assets.
Market participants attributed the decline to record capital outflows from U.S.-listed spot bitcoin exchange-traded funds in May, reversing earlier institutional demand that had supported prices.
The retreat in cryptocurrencies has also coincided with a rotation of investor funds into traditional equities, particularly artificial intelligence and technology stocks that have outperformed broader markets in recent weeks.
