Markets shift as oil falls gold nears high
The price of oil declined after U.S. President Donald Trump announced the start of new talks with Iran and the cancellation of a potential military strike, leading to calm in the markets and lowered expectations of increased geopolitical tensions in the region. Brent crude fell by as much as 7.3%, and West Texas Intermediate dropped below $80 per barrel, amid anticipation of resumed shipping through the Strait of Hormuz. Despite the drop in oil prices, gold increased in value due to expectations of lower energy costs and reduced inflationary pressures following the initiation of a new round of negotiations with Iran.
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