[MARKET ANALYSIS] Crude futures muted amid hopes of de-escalation
Newsquawk Staff ·
- Crude futures rotate in narrow ranges amid a lack of geopolitical updates thus far in Friday’s session. Despite the recent strikes on US bases in the Gulf and several areas in Iran, worries have eased over further escalation that could involve energy infrastructure. A US official stated late on Thursday that the US remains committed to a resolution with Iran and that technical discussions are ongoing. Furthermore, regional mediators continue to try and de-escalate tensions and revive a nuclear deal. WTI trades in a USD 71.22-72.18/bbl range, while Brent holds above USD 76/bbl.
- Precious Metals oscillate in tight ranges, but finds support amid a softer dollar. Spot gold trades either side of the USD 4120/oz mark, while spot silver regains USD 60/oz.
- 3M LME Copper is modestly lower, giving back Thursday’s gains slightly. However, the red metal is off worst levels and trades at the top end of its USD 13.46k-13.51k/t band.
- US President Trump on Iran, says may do it a little bit further
- CRUDE WRAP: WTI (Z6) SETTLES USD 2.32 HIGHER AT 99.47/BBL; BRENT (Z6) SETTLES USD 4.35 HIGHER AT USD 113.17/BBL
- US President Trump called Musk and asked him to lift Ukraine Starlink (SPCX) restrictions, WSJ reports
- Ukraine President Zelensky says Ukraine is ready for peace talks at G20, but so far no such invitation
- An Israeli military official told Channel 12 that here is no reason to launch an attack on Iran before the elections; If we detect preparations in Iran for an attack, we will act
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