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Oil prices dropped more than 4% on Sunday after President Donald Trump signaled progress in negotiations with Iran aimed at reopening the Strait of Hormuz, easing fears of prolonged supply disruptions.
WTI crude fell around 5% to nearly $92 per barrel, while Brent crude declined to about $98. Trump said talks with Iran were moving forward in an orderly and constructive manner, though he emphasized that the U.S. would not rush into a deal.
In Japan’s, the stock market reached historic highs on Monday, with the Nikkei 225 surpassing the 65,000 level for the first time as easing tensions in the Middle East boosted investor sentiment across Asia.
U.S. markets ended last week at record levels before Monday’s Memorial Day holiday closure. The Dow Jones closed above 50,500 for the first time, while the S&P 500 and Nasdaq also finished at new record highs, reflecting continued optimism around global growth and easing geopolitical risks.
Despite the latest decline, oil prices remain significantly higher overall, with crude still up more than 30% since the conflict between Iran, the U.S., and Israel escalated earlier this year. The U.S. also confirmed that its blockade on Iranian ports and vessels will remain in place until a formal agreement is finalized.
EUR/USD opened the week higher as improving optimism around a potential U.S.-Iran peace deal weakened the safe-haven U.S. dollar. The pair moved back toward the mid-1.1600s after recovering from last week’s low near 1.1575.
Optimism surrounding a potential U.S.-Iran peace deal pressured the U.S. dollar and supported gold prices. Gold prices traded near $4,580 on Monday but struggled to extend gains as mixed market sentiment kept the metal range-bound.
However, gains in gold remained limited as uncertainty surrounding the negotiations persisted. At the same time, expectations that the Federal Reserve could keep interest rates elevated, and potentially hike rates in 2026, continued supporting the U.S. dollar, limiting upside momentum in non-yielding assets like gold.
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