[MARKET ANALYSIS] Oil futures gradually rebounded from the prior day's lows and metal prices pulled back after US conducted 'self defence' strikes in southern Iran

WTI/Brent: WTI Jul'26 -4.8% / Brent Aug'26 +2.2%

• Oil futures rebounded from the prior day's lows after slumping nearly 7% on Monday as participants reflected on US-Iran negotiations which President Trump described as proceeding nicely, while a source noted that the high-level Iranian delegation and officials in Doha said Qatari mediation has led to an understanding with the US on Tehran’s frozen financial assets, and there is a strong likelihood of an agreement between the US and Iran being announced on Tuesday. Nonetheless, oil prices have gradually nursed some losses overnight as US forces conducted 'self-defence' strikes in southern Iran on Monday, which hit targets including missile launch sites and Iranian boats attempting to lay mines.

Gold: -0.8%

• Pulled back following its recent advances and the mixed geopolitical headlines.

Copper: +0.3%

• Pared most of yesterday's gains with risk sentiment souring as US 'self-defence' strikes in southern Iran clouds over the recent optimism regarding a nearing peace agreement.