Finance

Crude oil benchmarks fell sharply, with both Brent and West Texas Intermediate futures declining nearly 5%. The steep sell-off follows an announcement by President Donald Trump that a planned strike on Iran was canceled in favor of resuming diplomatic negotiations, reducing the geopolitical risk premium that previously inflated energy markets.

Spot gold prices moved higher, trading above $4,050 per ounce, as a retreat in crude oil prices tempered broader inflation anxieties. The precious metal is benefiting from a reversal of traditional market correlations alongside a weaker greenback, continuing positive momentum built over the previous month.

The US Dollar Index slipped toward a seven-week low following joint confirmations from Washington and Tokyo regarding unified efforts to strengthen the Japanese currency. The intervention successfully pushed the dollar lower against the yen, providing relief to global purchasing power dynamics but contributing to mixed performance across major Asian equity markets.