[MARKET ANALYSIS] Oil prices are rangebound after the recent choppy performance and as the geopolitical landscape remains uncertain

WTI/Brent: WTI Jul'26 +0.1% / Brent Jul'26 Flat

• Oil futures are rangebound overnight following the recent choppy performance and as the geopolitical landscape remains uncertain with US President Trump warning that they could hit Iran again, but is not yet sure, and that Iran is begging to make a deal, while he suggested a timeline for Iran could be early next week. Furthermore, there were reports that the US seized an Iran-linked ship in the Indian Ocean, and Iran's position in talks with the US to end the war was said not to have changed much from earlier iterations that failed to yield progress towards a deal.

Gold: +0.2%

• Attempted to nurse some of its recent losses and briefly reclaimed the USD 4,500/oz level.

Copper: -0.2%

• Price action is lacklustre amid the mostly negative risk sentiment following the recent global bond rout.