[MARKET ANALYSIS] Oil prices are rangebound after recent choppy price action amid a breakdown of Islamabad talks, Trump's ceasefire extension and continued naval blockade

WTI/Brent: WTI Jun'26 -0.3% / Brent Jun'26 -0.2%

• Oil prices are rangebound overnight after the prior day's choppy mood amid conflicting reports over the likelihood of US-Iran talks in Islamabad, although it was later reported that Iran's decision not to attend talks in Pakistan on Wednesday was final and that VP Vance's trip to Islamabad was postponed indefinitely. Furthermore, US President Trump announced to extend the ceasefire despite the breakdown of talks, but instructed the military to continue the naval blockade.

Gold: +0.7%

• Rebounded from a brief dip beneath the USD 4,700/oz level after suffering yesterday alongside the upside seen in oil, yields and the dollar.

Copper: +0.5%

• Clawed back recent losses with futures returning to above the USD 6/lb level amid some relief following Trump's ceasefire extension, despite the breakdown of talks.