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Gold, Oil Rally on US-Iran Ceasefire Extension Agreement

Precious metals and energy markets responded positively after the United States and Iran reached a tentative agreement to extend their ceasefire by 60 days and pursue negotiations on Tehran's nuclear program. The tentative deal, pending final approval, signaled potential de-escalation in the three-month Middle East conflict that has roiled commodity markets. Gold held gains as investors reassessed inflation risks tied to regional instability. Crude oil prices declined on expectations that a prolonged truce could restore shipping through the Strait of Hormuz, a critical chokepoint for global petroleum flows. Asian equities were positioned to rise on the development, while Treasury yields rallied. Market participants cautioned that the agreement remained preliminary and subject to final authorization by senior officials in both capitals before implementation.