Oil prices advanced more than 1% amid renewed supply-constraint worries and sensitivity to US–China trade developments, with traders noting tighter prompt spreads and lower inventories in key hubs. Refinery utilization trends and shipping constraints supported the move. Gold prices retreated modestly after recent records as real yields steadied and haven demand cooled. Market participants monitored central-bank buying, ETF flows, and positioning in COMEX futures. Cross-asset correlations remained elevated, with dollar strength and rates guiding near-term commodity direction.