Here are four things you need to know this morning
Oil down on reports of potential talks to end Iran war: Oil dropped early Wednesday amid media speculation that the United States reportedly sent a 15-point plan to end the war with Iran. The New York Times reported that it has not seen a copy of the plan. However, officials speaking on condition of anonymity to discuss sensitive details shared some of its broad outlines. They told the NYT that the proposal addresses Iran’s ballistic missile and nuclear programs. The plan also discusses unblocking maritime routes, the NYT cited one of the officials. Israel’s Channel 2 reported that the U.S. is seeking a month-long ceasefire to discuss the plan, which includes the dismantling of Iran’s nuclear program, ceasing support for proxy groups, and the reopening of the Strait of Hormuz, the choke point for global crude oil flows, according to The Toronto Star.
Gold up on news of possible plan to end Iran war: Gold extended gains after snapping a nine-day losing streak, after the U.S. floated the proposal to end the war in the Middle East. Selloffs in global stocks and bonds have also forced investors to ditch their positions in gold to raise cash, further amplifying losses in gold. A reduction in investor positioning, reduced buying from the Middle East and expectations of rate hikes all weighed on gold, Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote in a note Wednesday. “With some of these factors likely to reverse in the coming months, we view the current setback in gold prices as an opportunity to add positions.” The market remained on edge as details of the US proposal stayed unclear and Iran kept up missiles and drone attacks overnight on Arab Gulf states and Israel. Meanwhile, the Trump administration is set to deploy soldiers from the 82nd Airborne Division to the Middle East, according to a person familiar with the matter.
OpenAI ending Sora and stepping back from Disney: OpenAI plans to discontinue its Sora AI video generator six months after the high-profile launch of a standalone app for the service, as the company works to simplify its portfolio of artificial intelligence products. The ChatGPT maker debuted the Sora app in late September with the promise of making it easier for users to generate and share realistic-looking AI videos with each other in a quasi social network. The free app quickly rose to the top of Apple’s App Store, but has since fallen in the rankings. The ChatGPT maker and Walt Disney Co. are also winding down their partnership, which had centered on Sora, OpenAI said Tuesday. Disney had previously agreed to license iconic characters including Mickey Mouse and Cinderella to OpenAI for use on Sora and to take a US$1 billion stake in the startup. The deal was entirely in stock warrants rather than a cash licensing fee, Bloomberg has reported.
SSR Mining buy majority steak in Turkish mine: SSR Mining Inc. confirming today it has signed a definitive share purchase agreement with Cengiz Holding A.S. for the sale of its 80 per cent ownership stake in the Çöpler mine and related properties in Türkiye for US$1.5 billion in cash. The Agreement was contemplated by and is aligned with all key terms in the previously announced memorandum of understanding with Cengiz, as disclosed in the Company’s press release on March 4, 2026. The closing is subject to regulatory approval from the Turkish General Directorate of Mining and Petroleum Affairs, other consents and approvals may be required, and other customary closing conditions. The deal is expected to close in the third quarter of 2026.
