Oil and metals fall as Trump calms down

Oil prices declined after six consecutive days after the American President Trump claimed he may delay any military action against Iran and softened his stance on tariffs tied to critical minerals. Hence, brent crude fell nearly 3%, while silver dropped about 4%, and other precious metals, including gold (-0.64%), platinum (-2.64%), and palladium (-4.30%), retreated from record levels.

President Trump stated that he is closely monitoring the situation in Iran. Speaking during a press conference at the Oval Office, he provided a more detailed update, saying, “We’ve been told that the killing in Iran is stopping. It’s stopped. It’s stopping, and there’s no plan for executions.” He emphasized that the information came from sources “on the other side,” suggesting that the Iranian government is taking steps to halt violence against protesters.

Trump’s remarks appeared aimed at reassuring both domestic and international audiences that the situation in Iran was stabilizing and that immediate military action was not being considered.

In addition, global equity markets moved higher, with US, European, and Asian futures rebounding after Taiwan Semiconductor Manufacturing Co. posted stronger-than-expected earnings, reinforcing optimism around artificial intelligence and chip demand. The results helped restore confidence following recent profit-taking in expensive technology stocks, suggesting a shift in market leadership rather than weakening investor appetite.

Although commodities are declining, they remain significantly higher for the year, supported by geopolitical tensions, supply risks, and strong demand from China and the US. Therefore, analysists noted that recent price swings reflect volatility due to Trump's unpredictability concerning policy approach, but the pullback has not materially threatened the broader uptrend.

Benedetta Zimone