Oil traders still unsure; the US-yen intervention & gold

While the progress in negotiations between Iran and Oman have raised hopes of a future recovery of oil exports from the Middle East, Iran's clear desires to exert control over the Strait is a persistent issue. Meanwhile, the US’s reluctance to see foreign policymakers use their dollar reserves in FX market operations, shown by its own intervention in the Japanese yen, could raise the relative appeal of foreign authorities holding alternative assets like gold. This could support gold prices over the medium and long run.