[MARKET ANALYSIS] Oil futures declined after President Trump announced that a US-Iran agreement has largely been negotiated

WTI/Brent: WTI Jul'26 -4.5% / Brent Aug'26 -3.8%

• Oil prices declined at the reopen amid hopes for a US-Iran agreement after President Trump announced on Saturday that an agreement has largely been negotiated, subject to finalisation between the US, Iran and Middle Eastern countries, which would include opening up the Strait of Hormuz, although he posted the following day that he informed representatives not to rush into a deal and the blockade will remain in full force and effect until an agreement is reached, certified, and signed. Furthermore, other reports stated that there is agreement on 95% of a deal, but it needs to be drafted and is estimated to take 5-6 days to receive approval from Supreme Leader Khamenei.

Gold: +1.2%

• Rallied amid a softer dollar and lower oil prices, with participants optimistic regarding a US-Iran agreement.

Copper: +0.9%

• Extended on last week's advances amid the constructive and with China also boosting its liquidity efforts.