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[MARKET ANALYSIS] Oil prices pulled back overnight and Israel-Lebanon ceasefire took effect

The pullback in oil prices reflects market digestion of the recent geopolitical developments, particularly the ceasefire between Israel and Lebanon, which had been expected and thus muted immediate impact.

Newsquawk StaffPublished On the live feed at , 20 minutes before this page
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WTI/Brent: WTI Jun'26 -1.4% / Brent Jun'26 -1.1%

  • Oil prices pulled back overnight following the prior day's advances amid the continued reduced traffic flow in the Strait of Hormuz and with a resistance commander advising caution for those wanting to cross the Bab al-Mandab Strait from noon on Friday, while a ceasefire between Israel and Lebanon took effect today, but had little impact on prices as reports over the past couple of days had already pointed to such an outcome.

Gold: +0.1%

  • Price action is indecisive after recently trickling below the USD 4,800/oz level.

Copper: -0.5%

  • Remains subdued after retreating yesterday, and with demand dampened by the lacklustre mood in Asia-Pac.
Context

The ongoing concerns about traffic in strategic straits like Hormuz and Bab al-Mandab continue to weigh on traders' sentiments, pointing to a cautious outlook on energy pricing in light of potential supply disruptions. Overall, while the ceasefire may provide temporary relief, fundamental supply and demand dynamics remain the primary drivers for oil markets.

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