Oil prices advanced on Thursday as escalating conflict in the Middle East heightened supply disruption risks, while gold slipped from two-week highs reached in the previous session.
The divergent moves highlight a shift in market sentiment, with investors weighing geopolitical supply concerns against monetary policy expectations.
Brent crude and WTI futures climbed as traders priced in the potential for further disruptions to energy flows from the region.
The rise in oil comes amid broader uncertainty, with the conflict driving risk-off flows in some asset classes while supporting energy equities and commodities.
Meanwhile, gold retreated from its recent peak, reflecting a rotation out of safe-haven assets as attention turns to the Federal Reserve's next policy move.
The precious metals pullback follows a period of volatility, with gold having briefly halted a four-week losing streak earlier in the week before giving back gains.