Oil Leaves Bitcoin and Gold Behind Ahead of Wednesday's Fed Decision
Crude oil climbed on Monday while crypto and gold sank. Global markets are splitting ahead of Wednesday's Federal Reserve rate decision.
Brent crude rose 2.75% to $107.48, and West Texas Intermediate gained 2.51% to $102.56. Bitcoin (BTC), gold, silver, and copper all moved the other way.
Supply Shock Lifts Crude Into Fed Week
Saudi Arabia shut its East-West pipeline late last week after drones launched from Iraq damaged it. The route lets the kingdom ship exports without passing through the Strait of Hormuz.
Reuters reported the outage threatens up to 4% of global oil supply. Fresh Houthi strikes on Saudi soil and an attack on a vessel in Hormuz deepened the squeeze.
Yemen's Houthis also reached Perim island on Friday, tightening their grip on Bab el-Mandeb. That corridor carries 4% to 5% of the global supply.
Crude gained 8% on the week, clearing $100 for the first time since July. The move extends a rally that began in July.
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