[MARKET ANALYSIS] Oil rose after US and Iran conducted fresh strikes for the second consecutive night

WTI/Brent: WTI Jul'26 +1.6% / Brent Aug'26 +1.3%

• Oil gained as geopolitics continued to dominate the tape with the US conducting strikes against Iran for a second consecutive night. Iran retaliated to the renewed aggression by targeting US bases in the region and ships near the Strait of Hormuz, while it also declared the waterway closed to all vessels, although US CENTCOM pushed back against this and said commercial ships were continuing to transit through the Strait. The fresh hostilities lifted WTI crude futures briefly above USD 93.00/bbl, although they have since pared most of the overnight advances given that Trump had warned to hit Iran hard well in advance, while he also threatened to bomb them to rubble 'tomorrow' night if there is no deal.

Gold: +0.5%

• Initially extended on declines amid higher oil prices and yields, but then bounced off lows as asset classes eased back from today's initial extremes.

Copper: -0.8%

• Traded lower with demand sapped amid the downbeat mood and fresh US-Iran strikes.