[MARKET ANALYSIS] Crude on a softer footing and metals trade mixed amid a lack of catalysts this morning

Newsquawk Staff · 31 Jul 2026, 09:30 UTC

Crude futures continue to pull back amid a lack of major fresh escalation in the Iran conflict overnight, alongside a sudden quietening in rhetoric from relevant parties. That being said, there were some reports of explosions in Erbil and Sulaymaniyah in Iraq's Kurdistan region, while there was little impact seen after the IRGC announced it targeted a US base in Kuwait. Furthermore, US President Trump announced that the Board of Peace reached a historic agreement for the disarmament of Hamas and all other armed groups in Gaza.
Ahead, the weekend sees the OPEC+ JMMC meeting in which the alliance is widely expected to endorse a planned 188k bpd increase in its September production target, continuing the phased output rises implemented since June. No broader policy shift is expected, although ministers are likely to review market conditions and compliance. Recent sources said attention remained on whether OPEC+ would pause further output increases after September. WTI Sep’26 resides in a USD 82.23-84.32/bbl range while Brent Oct’26 trades in a USD 85.74-87.45/bbl range.
Precious metals are softer intraday following yesterday’s USD-induced rise, with a lack of major geopolitical updates potentially weighing on the complex. Spot gold resides towards the bottom end of a USD 4,054-4,112/oz range (within yesterday’s USD 4,028-4,120/oz parameter) while spot silver trades in a USD 58.00-59.17/oz range vs Thursday’s 56.94-59.31/oz.
Base metals are mixed and directionless amid a lack of updates this morning, but with upside in the complex somewhat capped after China's official PMIs unexpectedly fell into contractionary territory in July. The Manufacturing PMI declined to 49.2 from 50.3, below the exp. 49.9, the Non-Manufacturing PMI dropped to 49.0 from 50.2, below the 50.0 forecast, and the Composite PMI fell to 49.3 from 50.6. The NBS attributed the weakness partly to adverse weather and flooding, while analysts also cited subdued domestic demand and persistent pricing pressures. The weaker-than-expected data reinforced concerns about the pace of China's economic recovery following the Politburo meeting. 3M LME copper trades towards the middle of a USD 13,785.00- 13,887.68/t range at the time of writing.

What our latest note said

US Market Open, 23 Oct, 10:15 UTC · what it led with

US President Trump says the US crushed Iran, and may want to do it a "little more".
Crude benchmarks firmer on ongoing tensions in the Middle East; recent bout of strength comes after the Houthis launched another missile towards Saudi interests.

Read the whole note Free to read.

Newsquawk Daily

Get the next one free, by email.

What moved overnight, where stocks, bonds, currencies and oil stand, and what’s due today. Written by our analysts.

Both market-open notes, EU and US, every weekday. No account needed. Unsubscribe any time.

If you trade

This headline was on the Newsquawk live feed at 09:10 UTC.

Use the Platform opens our news terminal in your browser, with the live headline feed. It’s news, not a broker.

Use the Platform

Free. No signup, no card.

Case studies

Headlines that moved markets

Energy headlines from our feed, and what the market did next.

Iran and US talks continue, and reports that the deal is close are wrong.
WTI crude+1.5%
Mediation efforts said that "Qatar and Pakistan presented a 'compromise proposal' that meets the demands of both the American and Iranian sides", Al Araby Al Jadeed reports citing sources.
WTI crude−4.6%
"A breakthrough is expected to be announced this week to halt the escalation between Washington and Tehran", Al Araby Al Jadeed reports citing a source.
WTI crude−1.1%

See all 183

More on this story

Make Newsquawk a preferred source on GoogleSelect this to see Newsquawk more often in Top Stories when you search Google.

More on this story

Related headlines