[MARKET ANALYSIS] Oil prices are rangebound after slipping yesterday on progress in US-Iran talks and with the US issuing a licence authorising Iranian oil sales

WTI/Brent: WTI Aug'26 +0.4% / Brent Aug'26 +0.3%

• Crude futures are rangebound and get some mild respite following the prior day's selling pressure, which was spurred by progress in US-Iran talks and with the US issuing a licence authorising Iranian oil sales, while the US side said that Tehran are allowing nuclear inspectors in, although Iran's Foreign Ministry spokesman said they did not negotiate on the nuclear file during the 18-hour talks and did not accept any new commitments.

Gold: -0.9%

• Retreated after failing to sustain the USD 4,200/oz level, and with money markets pricing in higher interest rates this year.

Copper: -0.7%

• Demand is subdued amid the mixed overnight risk appetite and lack of conviction in its largest buyer, China.