[MARKET ANALYSIS] Oil prices extended on gains amid fresh retaliatory strikes between US and Iran

WTI/Brent: WTI Jul'26 +1.1% / Brent Aug'26 +0.8%

• Oil prices extended on the prior day's gains as price action remains at the whim of geopolitical headlines amid reports of US and Iran conducting fresh strikes against each other with the US targeting a tanker and sites on Qeshm Island, while Iran targeted a couple of US bases in Kuwait and launched several ballistic missiles towards its neighbours with explosions and air raid sirens reported in Kuwait, Bahrain, UAE, Saudi Arabia and Syria.

Gold: -0.3%

• Trades choppy after its gradual pullback from above the USD 4,500 level and with downside seen in the metals complex as oil prices climbed on the geopolitical escalation between the US and Iran, although much of the overnight moves across asset classes have since been pared.

Copper: -0.3%

• Copper slightly eases back after climbing yesterday in tandem with the upside in stocks on Wall St.