[MARKET ANALYSIS] Crude futures rangebound, spot gold muted as markets await Warsh's first Fed meeting

Crude futures are essentially flat, hovering at 3-month lows, as markets await the US-Iran MoU signing in Switzerland. Details of the deal remain light; however, Reuters did shine some light on a point of the draft MoU: the rehabilitation and economic development of Iran. The report stated that a USD 300bln private fund is being designed to trigger investment into Iran. The report added that commitments have already exceeded USD 150bln across 5 regions, while the fund will not contain US government money or grants.
Energy benchmarks are relatively contained. WTI Aug'26 oscillates in a USD 74.09-76.06 range while Brent Aug'26 rotates in a 77.75-79.57/bbl band.
Spot gold has come off slightly ahead of the FOMC meeting, in which a hold is expected. Focus will lie in the press conference, in which Fed Chair Warsh is delivering his first post-policy conference in his new role. The yellow metal currently trades at the lower end of its narrow USD 4318-4350/oz range.
3M LME Copper flips either side of the USD 13.8k/t handle as market risk is subdued.