[MARKET ANALYSIS] Oil prices retreat after Trump extends Hormuz deadline by another 10 days
WTI/Brent: WTI May'26 -1.9% / Brent Jun'26 -1.9%
- Oil futures are lower with WTI beneath the USD 93.00/bbl level and with Brent battling to sustain the USD 100/bbl status after pressure was seen following US President Trump's announcement to extend the Strait of Hormuz deadline for 10 days.
Gold: +1.1%
- Edges higher as it nurses recent losses, and with lower oil prices reducing the urgency for a more hawkish Fed.
Copper: +0.6%
- Prices are kept afloat after the recent choppy performance, but with gains capped amid the mixed risk appetite in Asia and conflicting geopolitical signals.
Context
Oil prices have retreated as President Trump extended the Strait of Hormuz deadline by an additional 10 days, relieving some immediate risk concerns in the market. This extension may reduce the geopolitical tensions that have been influencing prices, suggesting a temporary stabilization rather than a long-term solution. As a result, we might see further commodity price adjustments along with impacts on currencies and equity markets as traders reassess their positions.
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