[MARKET ANALYSIS] Oil retreated following the US-Iran MoU signing

WTI/Brent: WTI Jul'26 -1.8% / Brent Aug'26 -1.6%

• Oil prices declined overnight following the prior day's choppy performance amid conflicting reports regarding a cancellation of the Iranian officials' trip to Switzerland, while the renewed downside follows the signing by US President Trump and Iranian President Pezeshkian of the 14-point MoU agreement. Furthermore, Iranian Foreign Ministry spokesperson Baghaei said the plan for negotiating teams in Geneva remains in place, but added the MoU was signed digitally, so there will be no signing ceremony in Switzerland, while he also noted that Switzerland talks were not yet confirmed.

Gold: +1.6%

• Initially slumped as the dollar strengthened in the aftermath of the hawkish FOMC, but then rebounded to reclaim the USD 4,300/oz level as oil prices retreated on the US-Iran MoU signing.

Copper: -1.3%

• Copper was pressured amid the broad hawkish reaction to Fed Chair Warsh's FOMC debut, while prices are off their worst levels but with the recovery constrained amid the mixed risk appetite.