In a dramatic turn of events, crude oil, gold, and silver prices experienced a sharp decline. The price of oil saw a rapid surge followed by an immediate plunge during the evening session.

The sudden movement was triggered by positive developments in the U.S.-Iran negotiations. On February 17, the second round of indirect talks between Iran and the United States concluded with both sides reaching consensus on several general issues. Following consultations with their respective governments, the negotiating teams will continue discussions on specific details. Earlier this month, on the 6th, representatives from Iran and the U.S. held indirect talks in Muscat, Oman, and agreed to continue negotiations, although significant differences remained on core issues. The second round of indirect negotiations began on the 17th in Geneva, Switzerland, held at Oman’s diplomatic mission in Geneva.

Prior to this, oil prices had briefly spiked after Iran announced it would close part of the Strait of Hormuz for military exercises. Iran’s Foreign Minister stated that during the second round of nuclear talks in Geneva, Iran and the U.S. reached agreement on key "guiding principles," though further work remains. He told Iranian media after the talks that this progress does not mean an agreement will be reached soon, but "the path is now open."

Following the latest developments, safe-haven assets such as gold and silver also experienced a sharp drop in prices.