[MARKET ANALYSIS] Oil prices gradually climbed higher after reports of another US defensive strike against Iran, although a military souces cited by Tasnim downplayed it

WTI/Brent: WTI Jul'26 +1.7% / Brent Jul'26 +1.7%

• Oil prices gradually edged higher after reports of explosions in Bandar Abbas, where the US was said to have carried out another defence operation in which it targeted a military site and shot down multiple Iranian drones that posed a threat to US forces and commercial maritime in the Strait of Hormuz. However, a military source cited by Iranian press stated a US oil tanker intended to cross the Strait of Hormuz by turning off its radar system, and the IRGC Navy fired at it, forcing it to turn back, while the US army then fired at a scorched-earth area in Bandar Abbas, but caused no casualties or damage.

Gold: -1.1%

• Retreated amid higher oil prices and with gradual selling pressure seen in metals as Shanghai and LME electronic trade got underway.

Copper: -0.5%

• Extends on recent declines amid the downbeat mood in Asia following reports of the US striking Iran.