[MARKET ANALYSIS] Oil futures tumble and metal prices rally following the ceasefire announcement
WTI/Brent: WTI May'26 -13.8% / Brent June'26 -12.7%
- Oil prices tumbled beneath the USD 100/bbl level following the announcement of a two-week US-Iran ceasefire within a couple of hours prior to Preisdent Trump's deadline.
Gold: +2.2%
- Rallied back above the USD 4,800/oz level as oil, the dollar and yields retreated on the two-week ceasefire announcement.
Copper: +2.6%
- Climbed higher amid the widespread risk-on mood with a relief rally spurred by the ceasefire agreement.
Context
The announcement of a ceasefire between the U.S. and Iran has led to a sharp decline in oil prices, dropping WTI and Brent futures substantially below the $100 per barrel threshold. This geopolitical easing has spurred a risk-on environment, resulting in a rally for precious metals like gold and industrial metals such as copper, as market participants react positively to diminished tensions and potential stabilization in the region.
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