[MARKET ANALYSIS] Oil prices are rangebound as participants await any developments from indirect talks in Doha

WTI/Brent: WTI Aug'26 +0.3% / Brent Sep'26 +0.2%

• Oil futures are rangebound after recent choppy trade as participants await any developments from Doha, where US and Iranian officials have travelled to and are said to be conducting 'indirect' talks with mediators after Iran refused to meet with US envoys. Furthermore, prices were also not helped by reports that Iran has exported 50mln bbls of crude oil since the US-imposed blockade was lifted two weeks ago.

Gold: -0.8%

• Trickled lower and returned to beneath the USD 4,000/oz level as the buck strengthened and yields climbed higher amid Fed rate hike bets.

Copper: -1.6%

• Retreated as the risk sentiment in Asia somewhat deteriorated.