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Industrial Metals Rally on US-Iran Ceasefire Extension

Industrial metals advanced toward their strongest monthly performance since January after the United States and Iran reached a tentative agreement to extend their ceasefire by 60 days, pending presidential approval.

Oil prices fell sharply, with Brent crude tracking its worst monthly decline since 2020 as markets anticipated renewed shipments through the Strait of Hormuz. Gold maintained gains above $4,500 per ounce as the tentative accord eased inflation concerns tied to Middle East tensions.

Equity markets scaled record highs on the geopolitical development, though Asia-Pacific trading reflected cautious positioning as investors weighed persistent regional military activity against ceasefire prospects. The 60-day extension provides space for broader negotiations aimed at ending the Middle East conflict entirely.

Markets continued pricing in supply normalization should the agreement hold through the extended period.