Gold climbs, oil falls after U.S.–Iran peace deal
Markets shifted sharply late Sunday and into Monday following news of a peace agreement between Washington and Tehran, brokered by Pakistan, Qazinform News Agency cites Anadolu Agency.
Spot gold jumped 1.8% to 4,297.42 US dollars per ounce, while U.S. futures for August rose 1.9% to 4,318.10 US dollars, the highest since June 9.
Brent crude slid nearly 4%, dropping below 84 US dollars per barrel after trading above 87 US dollars earlier.
Lower oil prices eased concerns about inflation and interest rate pressures.
"Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED," Sharif said in a post on the US social media platform X.
Both sides declared a permanent end to military operations, including in Lebanon.
The signing ceremony is scheduled for June 19 in Switzerland, as confirmed by Pakistani Prime Minister Shehbaz Sharif.
The deal paves the way for reopening the Strait of Hormuz, a critical artery for global oil shipments.
As reported earlier, on Sunday, U.S. President Donald Trump announced on his Truth Social that the peace agreement with Iran ‘is complete’, authorizing the full reopening of the Strait of Hormuz and the lifting of the U.S. naval blockade on Iranian ports.
