Oil prices dropped sharply after the United States and Iran agreed to a temporary two-week ceasefire, opening the door for broader peace negotiations. The announcement quickly shifted market sentiment: while Bitcoin, gold, and equities moved higher, oil reversed course after weeks of gains driven by conflict fears. Crude had surged from below $70 to nearly $120 per barrel following the initial escalation, but fell to around $92 before stabilizing near $95 after the ceasefire news.
The agreement followed a period of intense volatility marked by military threats and disrupted negotiations, including concerns over critical infrastructure and the Strait of Hormuz.
