[MARKET ANALYSIS] Oil takes a breather after the recent rally and geopolitically-driven fluctuations

WTI/Brent: WTI Jul'26 -0.5% / Brent Aug'26 -0.5%

• Oil prices take a breather overnight following the prior day's rally, which was spurred by Iran's threats to block the Bab al-Mandab Strait and as initial reports stated Iran was stopping exchanging tests with the US. Nonetheless, prices then pulled back from the intraday highs as later reports were more encouraging, with Trump announcing that talks with Iran were continuing at a rapid pace and that Hezbollah agreed to a reciprocal halt to attacks on Israel, while it was also reported that Israel postponed a planned major strike in Beirut after US intervention and with Trump said to have lashed out in a call with Israeli PM Netanyahu regarding the escalation in Lebanon.

Gold: -0.1%

• Trades rangebound with the precious metal contained after recently slipping beneath the USD 4,500/oz level, which has since provided an area of resistance.

Copper: +0.1%

• Lacks conviction after recent sideways trade and amid the somewhat mixed risk appetite.