Sharp Drop in Oil Prices and Historic Gold Surge Amid News of US-Iran Rapprochement to End War

Oil prices extended their decline on Wednesday, hitting a two-week low following Axios reports that the US is nearing a memorandum of understanding with Iran to terminate the ongoing conflict. Brent crude plummeted over 6% to $103.17, while WTI dropped to $95.50. Conversely, gold prices surged 2.4% to a record $4667.39 per ounce, the highest since late April 2026, as investors sought safe-haven assets amid the shifting geopolitical landscape. Silver also saw a significant 4.2% increase, reaching $75.84, reflecting the market's volatile reaction to the potential for a major 2026 peace breakthrough.