London, July 27 (SANA)Globaloil pricesfell by more than 5 percent on Monday, whilegold pricesrose by more than 1 percent, after U.S. President Donald Trump ordered the U.S. military not to carry out any new strikes on Iran, raising hopes for a diplomatic path to ease regional tensions.

According to Reuters, Brent crude futures fell by $5.58, or 5.77 percent, to $91.20 a barrel. U.S. West Texas Intermediate (WTI) crude dropped $4.91, or 5.50 percent, to $84.40 a barrel.

The sharp decline followed two weeks of strong gains in global energy markets driven by escalating regional tensions. The latest developments prompted investors and traders to scale back risk premiums, leading to a swift adjustment in oil prices.

Gold, meanwhile, benefited from lower oil prices and easing concerns over inflationary pressures, reducing expectations that interest rates would remain elevated for an extended period.

Spot gold rose 1.3 percent to $4,103.99 per ounce, while U.S. gold futures for August delivery gained 0.9 percent to $4,106.10 per ounce.

Among other precious metals, spot silver climbed 2.7 percent to $59.74 per ounce, platinum advanced 2 percent to $1,619.75 per ounce, and palladium gained 2.3 percent to $1,271.93 per ounce.

Markets are also awaiting this week’s meeting of the U.S. Federal Reserve, which is widely expected to leave interest rates unchanged while providing guidance on the future direction of monetary policy in light of inflation and economic growth.