Oil rallies on Iran jitters

Oil prices continued to benefit from the uncertainty surrounding President Trump’s decision to pull the US out of the 2015 nuclear deal with Iran, this week. However, heightened geopolitical risks failed to give a boost to the price of gold, which fell below the key psychological level of $1,300 per ounce. Next week is looking relatively quiet, with little in the way of market-moving data for commodities. On Wednesday, the release of minutes to the May FOMC meeting should shed more light on the Fed’s internal discussions around the rebound in inflation. Any sign that the Fed is ready to step up the pace of rate hikes could send gold prices tumbling.