America-Iran ceasefire impacts markets
Global markets experienced a significant decline in oil and gold prices following the announcement of a cessation of hostilities between the United States and Iran, easing concerns about energy supplies in the Gulf region. Oil prices recorded their largest single-day drop since April, with Brent closing at $85.87 per barrel, down 11.3%, and West Texas Intermediate at $82.61, down 7%. Despite the de-escalation, maritime traffic through the Strait of Hormuz remains low, with tensions persisting due to Houthi threats and ongoing regional military operations, posing a risk to the stability of the energy market. Meanwhile, the rise of the US dollar has led to a decline in gold prices, which fell by approximately 0.76% to around $4,105 per ounce, as markets await the Federal Reserve's decision on interest rates and its potential impact on financial markets and precious metals.
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