[MARKET ANALYSIS] Crude futures give back some recent gains as Trump delays Iran attack

The main update was US President Trump delaying the planned Iran attack after requests from Saudi Arabia, the UAE and Qatar, as serious talks are taking place. However, they remain ready to strike if an acceptable deal is not reached. Sources continue to outline that some form of military action remains likely, while explosions have been heard in the Bab al-Mandeb Strait, with transit halted overnight. See the 08:29BST update for more.
WTI and Brent futures are softer intraday amid the pullback seen after US President Trump called off an attack on Iran that was planned for Tuesday following the request by Gulf nations. WTI Jul resides in a USD 102.12-104/bbl range, and Brent Jul in a USD 109.01-110.77/bbl range – both off worst levels. Dutch TTF trimmed earlier downside and trades firmer by ~1% at the time of writing, north of EUR 50/MWh. Analysts at ING, on US-Iran, said “One might think the oil market would become increasingly numb to these headlines. However, the scale of supply disruptions is significant and growing more concerning each day that oil flows remain halted.”
In terms of metals, spot gold and silver post losses as the DXY remains underpinned by inflation concerns emanating from elevated oil prices. Spot gold trades closer to the bottom of a USD 4,531-4,589.58/oz range after briefly topping yesterday’s USD 4,584.37/oz peak. Spot silver resides in a USD 75.72-78.89/bbl. Base metals are on a softer footing amid the inflationary concerns from elevated energy prices. 3M LME copper resides in a USD 13,485.98- 13,646.68/t range at the time of writing.