TradingKey - WTI Crude Oil ( USOIL) plummeted 13.0% intraday to $85.27/bbl; Brent crude losses widened to 13.5%, trading at $91.72/bbl.
Meanwhile, spot gold ( XAUUSD) surged about $120 in the short term to $4,401.28/oz; spot silver ( XAGUSD) rose 1.5% intraday to $68.89/oz, after having dropped more than 10% earlier in the session.
U.S. President Donald Trump posted on the social media platform Truth Social that the United States and Iran have engaged in very positive and productive dialogue over the last two days, and he has directed a five-day suspension of all military strikes on Iranian power plants and energy infrastructure.
The news quickly alleviated market concerns over a further escalation of the situation in the Middle East; crude oil prices, which had previously surged due to geopolitical premiums, faced heavy profit-taking sell-offs.
Gold, as a traditional safe-haven asset, regained favor among investors once the short-term panic subsided, exhibiting a "V-shaped" reversal.
Analysts pointed out that although there are signs of short-term easing, geopolitical risks in the Middle East have not been fully eliminated, and the future performance of oil and gold prices will depend on the progress of follow-up talks and actual actions.
If the two sides fail to reach a substantive consensus during the five-day ceasefire, market risk-aversion sentiment may heat up again.
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