Oil drops as ceasefire holds steady

Oil prices have fallen significantly at the start of today's trading hours due to easing tensions between America and Iran. Brent crude dropped by over 7%, reaching around $92 per barrel, while Nymex crude contracts declined to $83.35. Meanwhile, gold prices rose noticeably, surpassing $4,100 an ounce, as the reduced risk of oil supply disruptions resulting from the cessation of conflict between the two countries prompted the precious metal to gain up to 1.6%. Markets continue to monitor the developments in the US-Iran conflict and its potential impact on energy prices and inflation in the future.

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