Israel-Lebanon ceasefire hits oil and gold; WTI drops over 3% to $92.87

Israel and Lebanon agreed to implement a ceasefire on Thursday, June 4, triggering sharp moves across commodities. Spot gold settled at $4,475, up more than 1%, according to BeInCrypto, while WTI crude fell more than 3% to $92.87 per barrel as the dollar weakened and Treasury yields eased. Traders are watching whether the deal unlocks progress on a broader US-Iran agreement, with hopes tied to the Strait of Hormuz, which carries roughly 20% of global oil supply. The IEA has warned oil markets will remain undersupplied through Q3 2026 even if the conflict ends.