[MARKET ANALYSIS] Oil futures pulled back after recent advances and as geopolitics remained the main market driver

WTI/Brent: WTI Jul'26 -1.0% / Brent Aug'26 -1.1%

• Oil prices pulled back overnight after advancing yesterday on the back of the recent fresh geopolitical escalation between the US and Iran, while there were some encouraging comments from US President Trump, who suggested a deal with Iran could come 'over the weekend' and reportedly told aides that he won’t resume all-out war with Iran unless US troops are killed. Furthermore, the US House voted to approve the Iran war powers resolution, and it was also reported that Israel and Lebanon agreed to implement a ceasefire and establish security zones, which is contingent on Hezbollah halting its attacks.

Gold: +0.6%

• Rebounded from a weekly trough and gets some reprieve after suffering alongside the recent dollar strength and higher oil prices.

Copper: -0.8%

• Continued to retreat amid the downbeat risk appetite across the global markets.