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[MARKET ANALYSIS] Another round of US-Iran strikes fail to spur upside in crude benchmarks; spot gold rebounds following recent selloff

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[MARKET ANALYSIS] Another round of US-Iran strikes fail to spur upside in crude benchmarks; spot gold rebounds following recent selloff

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  • The US carried out fresh strikes against Iran, with US CENTCOM saying that American forces began launching additional self-defence strikes, and then later announcing that it completed the strikes, targeting Iranian military surveillance capabilities, communication systems and air defence sites across Iran. In response, Iran's military command centre announced the Strait of Hormuz would be closed to all vessels, effective immediately, and threatened to hit any vessels crossing the strait. Iran's IRGC also said it launched two waves of retaliatory strikes, hitting and destroying 18 key military targets in US bases in Kuwait and Bahrain.
  • Despite these strikes, an Iranian source tells Reuters that Iran and the US are still in negotiations over a preliminary deal, including a mechanism over unfreezing funds, while the Pakistan Foreign Minister said they remain engaged with a degree of optimism. Prior to that, CNN sources outlined that US-Iran talks continue, despite the US-Iran military exchange.
  • Crude futures have completely pared the earlier gains. WTI Jul'26 reversed at the 50-SMA (USD 93.48/bbl) and currently trades at the lower end of its USD 89.03-93.64/bbl range. For Brent Aug'26, the benchmark nears USD 92/bbl (USD 92.05-95.50/bbl range).
  • Precious metals rebound following the drop in the last few days, action driven by several previously discussed factors. Spot gold dipped below the March 26th low of USD 4099/oz in Wednesday's session and extended to a trough of USD 4024/oz early in the Asia-Pac day. Since then, the yellow metal has bid higher and now trades at the upper end of its USD 4024-4118/oz range.
  • 3M LME Copper gapped lower at the start of trade, following the selloff in APAC equities, but has since oscillated in a USD 13.39k-13.52k/t range.

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