[MARKET ANALYSIS] Oil resumed its rally after Trump warned the clock is ticking on Iran, while he is set for a Situation Room meeting on Tuesday to discuss possible options for military action
WTI/Brent: WTI Jul'26 +2.5% / Brent Jul'26 +2.1%
- Oil prices continued on their recent rally with Brent briefly touching USD 112/bbl following a warning by US President Trump that the clock is ticking on Iran, while he is set to hold a Situation Room meeting with his national security team on Tuesday to discuss possible options for military action. In addition, a report noted that the energy crisis is said to enter a new phase as the peak summer season draws closer, while the US allowed a Russian oil sales waiver to expire, despite the ongoing supply concerns caused by the Middle East conflict.
Gold: -0.2%
- Retreated in early trade and briefly dipped beneath the USD 4,500/oz level amid higher yields and a firmer dollar, but then recouped most of the initial losses.
Copper: -0.9%
- Extended on last Friday's downturn with demand sapped by the mostly negative risk appetite and disappointing Chinese activity data.
Context
Oil prices are resuming their rally following President Trump's warning about Iran, which signals heightened geopolitical tensions that might threaten supply stability. This situation, compounded by the expiration of a waiver on Russian oil sales, suggests that investors should anticipate volatility in energy markets, particularly as military options are being considered by the U.S. administration.
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