Oil prices drop over 5% as Asian markets open

Oil prices fell on Monday as Asian markets opened, influenced by geopolitical developments.

The international benchmark Brent crude dropped 5.58% to $91.38 per barrel.

West Texas Intermediate crude declined 5.46% to $84.43 per barrel.

Rising oil prices have raised concerns in markets about inflation and the possibility of interest rates remaining high for an extended period. While gold is traditionally seen as a hedge against inflation, its appeal diminishes as interest rates rise since it does not yield returns.