Middle East

Gold prices hovered near a six-year high as dovish signals from major central banks and heightened tensions between the United States and Iran boosted demand for the safe-haven metal.

President Trump on Monday signed an executive order to impose “hard-hitting” sanctions against Iran days after Tehran shot down a U.S. spy drone over the Strait of Hormuz.

Last week, Brent climbed 5% and U.S. crude surged 10% after Iran shot down a U.S. drone on Thursday in the Gulf.

The U.S. imposed sanctions on Iran last year and withdrew from a deal signed in 2015 with American allies that limited the Middle Eastern country’s stockpile of enriched uranium.

While the summit is expected to be dominated by news about the U.S-China trade war, concerns about the possibility of a military confrontation between the U.S. and Iran could play a role behind the scenes.

The president also confirmed in a tweet that he would discuss Iran at Camp David this weekend.