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Commodities

Oil Prices Plummet on Renewed Peace Deal Hopes

Guavy AI Editorial Team Published August 4, 2026

Instruments

Oil Gold

Oil prices dropped sharply yesterday on rising optimism that a Middle East peace deal between the US and Iran may be revived.

The news led to a decline in crude oil futures, with European gas prices also coming under pressure.

However, gold prices edged higher, extending its recovery after posting its first monthly gain since February in July.

The latest data from the Uganda Coffee Department Authority shows that Uganda's coffee shipments fell 24% year-on-year to 744.5k bags in June.

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