[MARKET ANALYSIS] Oil futures rebounded overnight amid US self-defence strikes on Iran in response to the Apache helicopter downing, while Iran targeted US bases in the region
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[MARKET ANALYSIS] Oil futures rebounded overnight amid US self-defence strikes on Iran in response to the Apache helicopter downing, while Iran targeted US bases in the region
US Al-Azrak base in Jordan targeted by missile attack, according to Noor News
Multiple explosions reported in Kuwait, according to Nour News
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WTI/Brent: WTI Jul'26 +1.0% / Brent Aug'26 +1.1%
- Oil prices rebounded from the prior day's trough after US President Trump threatened that the US would respond to the recent downing of a US Apache helicopter. US CENTCOM later announced that their forces launched self-defence strikes against Iran and said it will be a proportional response to Iranian aggression, although Trump described the response as very strong and powerful, while Iran retaliated by targeting US bases in Bahrain, Kuwait and Jordan.
Gold: -1.7%
- Steadily declined with the precious metal breaching beneath the USD 4,200/oz level, as a rebound in oil prices stokes inflationary pressures and supports bets for a Fed rate hike before year-end.
Copper: Flat
- Copper is flat with demand constrained by the mostly negative risk appetite, while the latest inflation data from China printed mixed as CPI Y/Y printed softer-than-expected (1.2% vs exp. 1.3%), but PPI Y/Y topped forecasts and printed its highest since July 2022.
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