Oil Prices Drop Over 5% as Gold Rises Amid U.S.-Iran Ceasefire Talks

International oil prices have fallen by more than 5% to over 6%, while gold prices have increased by over 2%. According to RTHK, reports indicate that the United States is seeking a one-month ceasefire with Iran. This development has fueled market hopes for the resumption of oil exports from the Persian Gulf. During Asian trading hours, both Brent crude and U.S. crude futures experienced declines. Brent crude was recently priced at $97.87 per barrel, marking a 6.3% decrease. Meanwhile, New York crude was trading at $87.3 per barrel, reflecting a drop of approximately 5.5%. In contrast, spot gold prices have surged, nearing $4,600 per ounce. Earlier, gold was priced at $4,585.1 per ounce, representing a 2.5% increase.