Brent Surges as US Navy Seizes Iranian Cargo Ship; Precious Metals and Bitcoin Decline

Brent crude oil prices surged by up to 7.9% on Monday following the US Navy's action to fire upon and seize an Iranian cargo ship in the Gulf of Oman. According to NS3.AI, this geopolitical tension has impacted various markets, with gold, silver, platinum, and Bitcoin experiencing declines. Trading Economics data revealed that silver decreased by 1.07% to $79.89, platinum fell 2.22% to $2,094.20, and gold slipped 0.85% to $4,792.48. Meanwhile, BeInCrypto Markets data indicated that the total cryptocurrency market capitalization dropped by 1.15% over the past 24 hours, with Bitcoin initially falling below $74,000 before recovering to $74,190 by press time. Attention is now shifting to Wednesday's ceasefire deadline and the possibility of Iran participating in another round of talks in Islamabad.