[MARKET ANALYSIS] Oil prices climbed on geopolitical escalation as Iran and Israel conduct strikes on each other

WTI/Brent: WTI Jul'26 +4.0% / Brent +4.0%

• Oil prices rallied amid the geopolitical escalation after Iran launched multiple waves of strikes against Israel in retaliation for Israel's bombing targets in Beirut. Furthermore, US President Trump called for Iran to halt attacks and return to talks, while he requested that Israel not respond, which Israeli PM Netanyahu was reported to have accepted, although Israel then carried out attacks on targets inside Iran.

Gold: -0.2%

• Extended on recent declines to test the USD 4,300/oz level, where it found a floor, although demand remains subdued following recent dollar strength and Fed rate hike bets.

Copper: Flat

• Lingered around last week's trough amid the broad downbeat mood.