Finance

Global energy benchmarks dipped sharply, with Brent and West Texas Intermediate crude futures sliding around 4% to 5%. The abrupt correction follows a reported understanding that Iran will halt attacks as long as the U.S. refrains from further military strikes, reversing recent price spikes caused by regional conflict anxieties.

Spot gold prices pushed back above the $4,100 per ounce threshold amid the broader market shifts. The metal found strong buying support from a 0.3% drop in the U.S. dollar index and diminished immediate inflation concerns resulting from cheaper energy costs.

Despite the temporary pause in geopolitical headlines, volatility remains a threat as the Federal Reserve convenes its policy meeting this week. Wall Street is balancing mixed expectations of future interest rate hikes alongside high-profile second-quarter earnings reports from prominent technology corporations.