[MARKET ANALYSIS] Oil prices are rangebound amid likely delay of US-Iran negotiations in Switzerland, while gold breaches through post-FOMC lows

WTI/Brent: WTI Aug’26 -0.3% / Brent Aug’26 -0.3%

• Oil prices are marginally lower with price action rangebound amid relatively quiet geopolitical headlines and recent conflicting reports surrounding US-Iran talks in Switzerland on Friday, while the latest from a White House official confirmed that US VP Vance would not be travelling on Thursday night, citing complex logistical aspects of the negotiations, but added that they look forward to beginning the technical talks as soon as possible.

Gold: -1.0%

• Gold was pressured and breached through its post-FOMC trough with prices slipping beneath the USD 4,200/oz level.

Copper: -0.8%

• Retreated with demand subdued amid the closure of key markets on Friday, including its largest buyer, due to the Dragon Boat Festival.