Oil Plunges Below $90 While Metals Surge Following Regional Ceasefire Agreements

Energy markets extended their dramatic decline during the US session as Brent crude broke below the $90 per barrel support level for the first time since March 11. This downward pressure followed news of the Israel-Lebanon ceasefire and the ongoing US-Iran de-escalation. In a significant update, the Strait of Hormuz has been declared fully open for commercial shipping during the ceasefire period, effectively eliminating supply disruption fears. Consequently, the technical outlook for Brent crude is now eyeing the $80 per barrel mark as the next major target. Meanwhile, Gold maintained its strength above $4,900 per ounce as the US Dollar (DXY) weakened. These developments signal a rapid evaporation of geopolitical risk premiums as markets price in a more stable maritime environment.