Iran ceasefire roadmap weighs on oil, WTI slides 3.5% to $70.64 and gold drops to $4,003

The U.S. and Iran agreed on a 60-day ceasefire roadmap, keeping the Strait of Hormuz open and prompting the U.S. Treasury to authorize temporary Iranian oil sales. WTI crude fell 3.5% to $70.64 a barrel after dipping below $70 intraday, while Brent slid 3.8% to $74.13, returning to near prewar levels. Gold dropped 2.6% to $4,003 an ounce and was down 11.5% month to date, marking its worst monthly performance since 2008. The sudden geopolitical de-escalation drove a rapid repricing across energy and precious metals.