[MARKET ANALYSIS] Oil attempts to nurse losses after slumping 5% yesterday amid hopes for a US-Iran deal

WTI/Brent: WTI Jul'26 +0.4% / Brent Jul'26 +0.4%

• Oil futures attempt to nurse some losses after slumping around 5% yesterday as pressure was seen amid hopes for a nearing resolution to the Iran conflict, with Al Hadath reporting that the Pakistani Army Chief may visit Iran today to announce the achievement of the final draft of agreement text, and that the next round of negotiations will be held in Islamabad after the Hajj season (May 25th-30th). There were also comments from President Trump that the US is in the final stages of talks with Iran, while a source close to the negotiating team stated that after sending Iran's 14-point text three days ago, the US side has once again given Iran a text through a Pakistani mediator, which Iran is still reviewing. The geopolitical optimism dragged WTI crude futures back below the USD 100/bbl level, which has since turned into a resistance level, capping the recovery effort.

Gold: +0.5%

• Extended on gains above the USD 4,500/oz level as the recent decline in oil prices and yields offset inflationary pressures.

Copper: +0.2%

• Holds on to the prior day's spoils amid the heightened risk appetite and hopes for a US-Iran deal.