Investors react to potential easing of geopolitical tensions, driving commodities and safe-haven assets sharply in opposite directions.
Oil prices plunged 6% on speculation that a US-Iran deal could ease sanctions and boost global supply. The move came as broader markets surged on optimism over reduced Middle East tensions.
Bonds and gold, traditional safe havens, rallied as investors rotated out of riskier assets. The shift followed reports of diplomatic progress, though no formal agreement has been announced.
Equities also gained, with energy stocks underperforming while defensive sectors led the advance. The divergence underscored market sensitivity to geopolitical developments.