[MARKET ANALYSIS] Oil prices gradually pulled back amid light geopolitical updates and as hopes for a US-Iran peace agreement remains intact

WTI/Brent: WTI Jul'26 -1.1% / Brent Aug'26 -0.9%

• Gradually pulled back following the prior day's semi-rebound and as hopes remain for a US-Iran peace agreement, despite the recent US self-defence strikes in southern Iran, while overnight price action is constrained amid little fresh developments on the geopolitical front and with this week's inventory data delayed due to the recent holiday.

Gold: Flat

• Trades indecisively following recent selling pressure but with the precious metal off worse levels after returning from brief dips beneath the USD 4,500/oz territory.

Copper: +0.6%

• Mildly extended on yesterday's intraday recovery amid the mostly positive risk appetite, but with the upside contained as it's largest buyer, China, lags.