[MARKET ANALYSIS] Oil pulled back following Trump's announcement to postpone Tuesday's planned strike on Iran
WTI/Brent: WTI Jul'26 -1.8% / Brent Jul'26 -2.3%
- Oil futures are lower following the prior day's choppy mood owing to mixed geopolitical headlines, although the main highlight was the announcement by US President Trump that the US will not conduct the attack on Iran that was planned for Tuesday following a request by Saudi Arabia, Qatar and the UAE, with serious negotiations now taking place.
Gold: Flat
- Lacks direction following its recent range-bound performance beneath the USD 4,600/oz level.
Copper: -0.3%
- Price action remains subdued with demand constrained amid the mixed risk appetite.
Context
Oil prices have pulled back significantly following President Trump's decision to postpone a planned military strike on Iran. This marks a potential de-escalation in geopolitical tensions, impacting traders' perceptions of immediate supply risks and suggesting a more stable outlook for oil markets in the near term.
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