📉 Good morning. Ika here. A double dose of de-escalation. Oil prices tumbled and precious metals crashed as tensions with Iran cooled and India cut a massive trade deal with the White House.

President Trump announced a surprise agreement with Indian Prime Minister Narendra Modi today, slashing tariffs in exchange for a major pivot in energy policy.

The details: The US will drop its "Reciprocal Tariff" on India from 25% to 18% immediately.

The pro quo: Modi agreed to halt all purchases of Russian oil and instead "buy much more" from the US and potentially Venezuela.

Bottom Line: This effectively pulls one of the world's largest economies away from Moscow's energy orbit. If it holds.

Fears of an imminent Middle East conflict faded Monday after President Trump revealed that Iran is "seriously talking" with Washington about its nuclear program.

Why it matters: Just days after deploying an "armada" to the region, the rhetoric has shifted from war to negotiation.

The market reaction: Brent crude plunged nearly 7.4% as the "war premium" evaporated.

Gold and silver—the ultimate safe havens during last week's panic—suffered a historic collapse Monday as investors rushed for the exits.

By the numbers: Gold fell as much as 9% and silver tumbled 15% before paring losses.

The trigger: Trump's nomination of Kevin Warsh for Fed chair calmed inflation fears, removing a key driver for precious metals.

Disney beat Wall Street earnings expectations Monday, but the Magic Kingdom is flagging a warning sign about America's global standing.

The friction: The company warned of "international visitor headwinds" at US parks, following a 6% drop in foreign tourists last year amid diplomatic tensions.

The bright side: CEO Bob Iger says the company is in "much better shape" than when he returned, announcing a $7bn stock buyback for 2026.

Successor watch: All eyes are on theme parks chief Josh D'Amaro to take the top job. "I don't think anyone owns Disney [stock] for any reason other than the theme parks now," says analyst Rich Greenfield.

The US is launching "Project Vault," a $12bn stockpile of critical minerals to break China's chokehold on the supply chain.

How it works: The Exim Bank will fund the purchase of rare earths, copper, and lithium to hold a 60-day strategic reserve for domestic manufacturers.

The goal: Protect companies like GM and Google—who have already signed up—from supply shocks and export restrictions.

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