[MARKET ANALYSIS] Crude falls as Trump pauses Project Freedom, metals benefit from softer dollar
- Crude futures came under pressure at the start of Asia-Pac trade as geopols continue to drive price action. Via a post on Truth Social, US President Trump announced that Project Freedom is to be paused for a short period to see whether or not the agreement with Iran can be finalised and signed. However, the blockade is to remain in full effect. Nevertheless, WTI futures slipped around USD 3/bbl on the announcement and briefly dipped below USD 100/bbl, while Brent Jul’26 gapped below USD 108/bbl. In other Middle East news, CBS reported that a French bulk carrier was hit by a cruise missile in the waters near the UAE, while explosions were heard on Qeshm Island, Bandar Abbas and Bushehr. Currently, WTI Jun’26 trades in a USD 99.12-102.70/bbl range while Brent Jul’26 holds below USD 109/bbl.
- Precious Metals surges, being the biggest beneficiary from the Trump announcement. Currently, spot gold trades at session highs of USD 4610/oz and has completely reversed the Monday’s losses.
- 3M LME Copper benefits from the risk-on sentiment, holding above the USD 13.1k/t handle.
Context
President Trump's pause on Project Freedom, aimed at negotiating with Iran, has pressured crude oil prices while benefiting precious metals. The geopolitical uncertainty continues to influence market sentiment, with crude dropping significantly and gold and copper rising as investors seek safe havens amid the volatility. Watch how this evolving situation further impacts energy prices and metals in the coming sessions.
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