Oil prices fell more than 3% as easing geopolitical tensions following the Gaza ceasefire reduced supply risk premiums. Brent crude slipped to around $84 per barrel, while WTI traded near $80, reflecting profit-taking after recent spikes. Meanwhile, gold hovered just below its record high above $4,000 an ounce, holding firm as investors sought safety amid renewed trade uncertainty and global growth concerns. Analysts said the divergence signals a near-term rotation from energy to defensive assets.