[MARKET ANALYSIS] Oil remains pressured following yesterday's 4% slump after Trump halted planned strikes on Iran and touted a deal which could be signed as soon as the weekend

WTI/Brent: WTI Jul'26 -1.1% / Brent Aug'26 -1.2%

• Oil futures extend on declines after slumping yesterday by around 4% due to US President Trump's announcement to cancel planned strikes on Iran and that they made a settlement of the war with Iran in which a deal could be signed as soon as the weekend, which would open up the Strait of Hormuz. Trump also stated that he understands Iran’s Supreme Leader has approved the deal, although an Iranian Foreign Ministry spokesperson said that Iran has so far not reached a final conclusion about the agreement, but acknowledged that the text of the agreement was almost ready.

Gold: -0.6%

• Pulled back overnight after briefly climbing back above the USD 4,200/oz level as the dollar and yields drop amid the hopes for a US-Iran deal.

Copper: +2.1%

• Rallied in tandem with the broad risk-on environment after the encouraging announcements by US President Trump, who also claimed that they ended the war with Iran.