Market sentiment improves after Iran and US avoid further escalation, easing supply disruption fears in energy markets.
Crude oil prices retreated as geopolitical tensions between the US and Iran showed signs of de-escalation. WTI crude fell 79 cents to $72.72, reversing some of the recent gains driven by supply concerns in the Middle East.
Earlier, Iran’s Revolutionary Guard warned of targeting US bases rather than Gulf infrastructure, while Qatar announced plans to slow its LNG production ramp. The oil market has absorbed significant supply disruptions, though China’s decision to resume product exports may ease pressure.
Gold prices rose $43 to $4120 as investors sought safe-haven assets, but the broader market reaction remained muted as risks of further conflict appeared to recede.