Oil and Precious Metals Fall on Easing Geopolitical Tensions

PUKMEDIA

Gold, silver and oil prices.

Global commodity markets moved lower on Thursday, 5 February 2026, as easing geopolitical concerns and a strengthening US dollar weighed on oil, gold and silver prices.

According to market reports, Brent crude oil fell around 2 per cent, declining to about $68.02 per barrel, while US West Texas Intermediate (WTI) also dropped roughly 2 per cent, trading near $63.80 per barrel. The falls came after the United States and Iran agreed to resume diplomatic talks, reducing the geopolitical risk premium that had supported prices earlier in the week.

Precious metals also retreated sharply. Spot gold declined by about 2.5 per cent to roughly $4,838.81 per ounce, while spot silver plunged nearly 15 per cent to around $74.94 per ounce. Analysts attributed the steep declines to renewed risk-off sentiment, a stronger dollar and the easing of geopolitical tensions that had previously bolstered safe-haven demand.

Commodity markets overall were unsettled on Thursday as investors pared positions across energy, metals and industrial raw materials. The broader sell-off reflected a combination of thinner liquidity, shifts in global economic expectations and the removal of some risk premiums previously built into prices.


PUKMEDIA