[MARKET ANALYSIS] Oil prices get some slight respite after tumbling yesterday on the US-Iran interim peace agreement
Importance
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WTI/Brent: WTI Jul'26 +0.4% / Brent Aug'26 +0.2%
- Oil prices get some slight respite after tumbling yesterday on the US-Iran interim peace agreement to end the hostilities and open up the Strait of Hormuz. While the full document itself hasn't been released yet, officials have been revealing some details, but there are some discrepancies. Nonetheless, the MoU was reportedly signed virtually by US President Trump, VP Vance and Iranian Parliamentary Speaker Ghalibaf, with an official signing to take place in Switzerland on Friday.
Gold: +0.2%
- Ekes slight gains in rangebound trade after Monday's intraday pullback was stemmed by support at the USD 4,300/oz level, and as the focus turns towards central bank policy announcements.
Copper: -0.5%
- Continues to fade recent gains as the euphoria surrounding the US-Iran agreement starts to wear thin amid the lack of concrete details and with Trump refuting reports regarding a potential USD 300bln reconstruction fund for Iran, which he called fake news.
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