Global oil markets saw a notable decline, with Brent and WTI crude oil prices both falling 4% at the close of trading on 5/5. Brent settled at $109 per barrel and WTI at $102 per barrel. On the morning of 6/5, WTI prices continued their descent, currently standing at $100.

This market cooling followed news that two ships successfully transited the Strait of Hormuz. Additionally, the US affirmed that its ceasefire agreement with Iran remains in effect. Despite this, analysts at energy consulting firm Ritterbusch and Associates suggested the price decline "appears to be a technical correction following last week's sharp increase."

Brent crude oil price movements over the past six months. *Chart: CNBC*.

Amidst these developments, the United Arab Emirates reported being attacked by Iranian missiles and unmanned aerial vehicles, a claim Tehran denied. US Secretary of Defense Pete Hegseth announced that the country had "cleared" the Strait of Hormuz, with hundreds of vessels reportedly queued to pass through the vital shipping lane. The US military confirmed that two US cargo ships had transited Hormuz with naval assistance, though the specific timing was not disclosed. Meanwhile, Iran denied this information.

Further diplomatic action is anticipated as Reuters cited sources indicating that on 7/5, the United Nations Security Council would begin discussions on a draft resolution backed by the US and Bahrain. This could lead to sanctions against Iran if Tehran does not cease its attacks and threats to commercial shipping through the Strait of Hormuz.

In the US stock market, the S&P 500 and Nasdaq Composite indices closed at new record highs, boosted by Intel and other artificial intelligence-related stocks. The US declaration of maintaining a ceasefire with Iran allowed investors to focus more on corporate financial reports. At the close of trading, the S&P 500 and DJIA each rose 0,8%. The Nasdaq Composite saw a stronger increase, gaining 1%.

Several technology companies contributed to the market's strong performance. Chipmaker AMD's stock increased 4% ahead of its financial report release, with analysts anticipating a 33% rise in the company's revenue for the previous quarter. Intel's shares also climbed 13% after Bloomberg reported that Apple was considering Intel as a chip manufacturer for its devices.

Companies within the S&P 500 are on track to report a 28% increase in total first Quarter profits compared to the same period last year. According to data firm LSEG, this would represent the strongest growth in five years. Tom Hainlin, an investment strategist at U.S. Bank Wealth Management, assessed that "the market is relying on fundamental factors. Earnings are very strong, and investors expect this to continue through the end of the year."

In the gold market, world gold prices rebounded after hitting a one-month low. Each ounce of gold closed the session up $34 to $4,556. This morning, the price currently stands at $4,584. Jim Wyckoff, a market analyst at American Gold Exchange, noted that "investors are buying the dip after the recent sell-off. The decline in oil prices also supports gold."

Gold prices had been under pressure recently, as conflict drove up global energy prices, accelerating inflation. This situation compelled central banks to reconsider their monetary easing processes. The precious metal faces a disadvantage with high interest rates, as it does not offer fixed interest payments.

Ha Thu (according to Reuters, Kitco)