[MARKET ANALYSIS] Oil futures mildly eased back after rebounding yesterday amid reports of Iran attacking a cargo vessel in the Strait of Hormuz

WTI/Brent: WTI Aug'26 -0.7% / Brent Aug'26 -0.8%

• Oil futures mildly eased back overnight after rebounding yesterday amid reports that Iran attacked a Singapore-flagged cargo ship in the Strait of Hormuz, which prompted the UN shipping agency to temporarily pause its evacuation plan for stranded ships. Nonetheless, reports overnight suggested increased transit through the strait with several Japanese-related vessels said to have passed through the waterway as part of the now suspended IMO evacuation plan, while South Korea's Oceans Ministry announced eight more South Korean vessels had exited the Strait of Hormuz.

Gold: -0.3%

• Trades rangebound after returning to above the USD 4,000/oz level as the dollar softened post-data deluge.

Copper: -1.0%

• Retreated amid the mostly negative risk appetite as tech selling resumed in Asia.