[MARKET ANALYSIS] Oil prices remain pressured with WTI back beneath USD 70/bbl, as Strait of Hormuz traffic continues to pick up

WTI/Brent: WTI Aug'26 -1.4% / Brent Aug'26 -1.6%

• Oil prices remained pressured with WTI back below USD 70/bbl as Strait of Hormuz traffic continues to pick up with US Energy Secretary Wright noting that roughly 72 ships have exited the Strait of Hormuz over the prior 24 hours, amounting to 20mln barrels of oil, but suggested the normalisation of oil flows was delayed due to Iranian mines in the strait, while it was also reported that five South Korean ships exited the waterway.

Gold: -0.5%

• Attempted to nurse some of its losses but ultimately faltered and returned to beneath the USD 4,000/oz level following recent dollar strength and ongoing Fed rate hike expectations.

Copper: +0.2%

• Trades rangebound near the prior day's trough beneath the USD 6/lb level with price action contained following recent declines and amid the mixed risk appetite.