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[MARKET ANALYSIS] Oil futures marginally pulled back after recent geopolitically-fuelled advances, while copper is unfazed by the subdued risk tone and sits at record levels

Oil futures have experienced a slight pullback after recent gains driven by geopolitical tensions, particularly between the US and Iran, indicating that concerns in the energy sector remain elevated.

Newsquawk StaffPublished On the live feed at , 20 minutes before this page
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[MARKET ANALYSIS] Oil futures marginally pulled back after recent geopolitically-fuelled advances, while copper is unfazed by the subdued risk tone and sits at record levels

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WTI/Brent: WTI Jun' -0.6% / Brent Jul'-0.7%

  • Oil prices mildly pulled back overnight but remained above the USD 100/bbl level, after climbing higher throughout most of the prior day as US/Iran tensions showed no signs of abating, while reports noted Iran will not enter the second round of talks with the US without fulfilling five confidence-building conditions, including compensation for damages and losses from the war, as well as recognising Iran’s right of sovereignty over the Strait of Hormuz.

Gold: -0.2%

  • Marginally softened and reapproaches the USD 4,700/oz level to the downside after recent swings as higher oil prices and firmer inflation strengthened the dollar and clouded the interest rate path.

Copper: +1.9%

  • Remains elevated and is unfazed by the subdued risk appetite with CME copper futures at record highs and LME prices above USD 14,000/ton.
Context

In contrast, copper prices have reached record levels, showing resilience amid a subdued risk tone, which highlights divergent dynamics in the commodities market. This could imply ongoing inflation concerns and differing demand outlooks for industrial versus energy-related commodities.

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