[MARKET ANALYSIS] Crude futures pare back some of its post-settlement gains as tensions in the Middle East calm

Crude futures have started the Asia-Pac session in a relatively calm manner after the chaotic newsflow post-settlement. The chaos came following explosions in the Bandar Abbas and Qeshm port area. This was later confirmed by Fox news that it was the US military that carried out the strikes in the area and then further confirmed by the US military themselves, stating the US was acting in self-defence after Iran attacked three destroyers in the Strait. Iran's Top Joint Military Command said US violated the ceasefire by targeting Iranian oil tanker and another ship entering the Strait of Hormuz. Tensions have calmed down since, with Press TV stating that the situation on Iranian islands and coastal cities by the Strait of Hormuz is back to normal while President Trump also stated that the ceasefire remains in place. This calmness has helped WTI and Brent pare back some of its post-settlement gains, currently trading at USD 96/bbl and USD 101.50/bbl, respectively.
Precious Metals have rebounded from Thursday’s afternoon selloff, with spot gold regaining the USD 4700/oz handle as tensions in the Middle East calm.
3M LME Copper pares back its earlier losses and trades at the upper end of its USD 13.27k-13.36k/t range.