Sharp Drop in Oil Prices While Gold and Silver Rise Amid Diplomatic Hopes

Oil prices fell sharply by more than 6% on Monday amid growing hopes for diplomatic progress in the Middle East, following reports of US and Iranian efforts prioritizing dialogue over escalation. Brent crude for January delivery dropped 6.07% to $106.54 per barrel, while US West Texas Intermediate crude for December delivery declined 6.30% to $97.56, according to AFP. Conversely, precious metals prices rose, with silver jumping 3.5% to $51.2 per ounce and gold increasing 1.8% to $3950 per ounce.