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[MARKET ANALYSIS] Crude futures firm as Switzerland talks are postponed

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[MARKET ANALYSIS] Fixed benchmarks lower as VP Vance cancels his Switzerland trip and continued strikes in Lebanon

The ongoing Israeli bombardment in Lebanon poses a major challenge to the US-Iran talks and that the situation will necessitate Washington to pressure Israel to stop attacks, Al Araby reports citing the Pakistani Foreign Ministry

[MARKET ANALYSIS] Crude futures firm as Switzerland talks are postponed

The IDF confirmed that it struck Hezbollah infrastructure in Bekaa Valley

The Bank of England begins its scenario analysis phase in the private markets system-wide exploratory scenario (PM SWES):

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  • Crude futures are on the front foot to end the week. WTI Aug'26 returning above the USD 76/bbl mark while Brent Aug'26 regains USD 80/bbl. The planned meeting in Switzerland between the US and Iran has been postponed, with the reasoning unclear, but the White House stated that logistical challenges were an issue. However, Israel and Hezbollah continue to clash in Lebanon, which would seemingly break the signed MoU. More recently, the IDF confirmed that it struck Hezbollah infrastructure in Bekaa Valley. Strikes in Lebanon were a key sticking point for the US-Iran deal and have resulted in US officials lashing out at Israel. US VP Vance criticised members of the Israeli government in his press briefing on Thursday, stating that US President Trump “is the only head of state in the entire world who is sympathetic to the nation of Israel at this moment in time."
  • Spot gold continues to slip further and has now returned back below the USD 4200/oz handle. This comes amid a firmer dollar, which was initially spurred by the hawkish Fed meeting. With liquidity light today due to the Juneteenth holiday in the US, a muted session ahead is expected.
  • 3M LME Copper trades on the softer side on the final session of the week, falling from USD 13.68k/t to a trough of USD 13.53k/t before rebounding slightly to the USD 13.5k/t handle at the start of European trade.

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