US-Iran Tensions Weaken Crude Oil, Zinc Hits Four-Year High

Crude oil prices have taken a hit of 5% on hopes of a US-Iran ceasefire. This decline has been observed despite ongoing tensions in the Strait of Hormuz, which had driven up Brent crude oil prices to near $90 per barrel.

Rubber prices remain firm due to heavy rains in Thailand and El Niño risks. Zinc has reached a four-year high amid mine disruptions, with copper and silver prices also gaining ground.

The commodities market is witnessing a mixed trend as US-Iran tensions ease. While some assets are benefiting from the reduced uncertainty, others are losing momentum due to the shift in demand expectations.