[MARKET ANALYSIS] Subdued trade in crude futures and metals rise as a US-Iran diplomatic path remains

Newsquawk Staff · 21 Jul 2026, 09:10 UTC

Geopolitics remain fluid with constructive and escalatory updates on the US-Iran front. On the former, a 10-day ceasefire proposal was pitched, while Iran confirmed ongoing mediation talks, which keeps alive the possibility of a return to the June interim MoU. On the other hand, last night was the 10th consecutive day of US airstrikes, whilst Iran continues targeting the region and reiterated that the Strait of Hormuz is closed. US President Trump is expected to decide in the coming days whether to expand military operations against Iran and return to full-scale combat, a senior US official told Fox News. Meanwhile, senior US and Israeli officials are claiming Trump only has two realistic options: either promoting a new 10-day ceasefire with the aim of reopening the Strait of Hormuz, or launching a full-scale war on Iran, Axios reported. Further, a US official said if US President Trump decides to expand the war, the strikes will include Tehran and nuclear sites, according to Al Arabiya.
Crude oil futures are trading subdued as market participants weigh emerging diplomatic de-escalation signals against ongoing military exchanges in the Middle East. Brent crude futures fell to the bottom end of a USD 88.08-89.45/bbl range while WTI similarly waned to the lower end of a USD 81.64-83.05/bbl range. Also on the supply side, NHC reported that Tropical Storm Bertha has strengthened, situated right in the Gulf of Mexico. Dutch TTF bucks the trend and has edged higher, back above the EUR 59.23/MWh mark, in the European morning, with analysts suggesting gas will be impacted more by the Middle East situation.
Precious metals are on a firmer footing as the Dollar and inflation expectations ease with oil prices. Spot gold trades towards the upper end of a USD 3,999/oz to USD 4,084/oz range. Spot silver surges 4.5% at the time of writing as it rises above USD 59/oz vs Friday’s 54.77/oz base.
Base metals also cheer the pullback in the Dollar alongside expectations of Chinese stimulus following recent weak economic data. 3M LME copper is firmer by 1.5% at the time of writing and towards the upper end of a USD 13,603.73- 13,840.00/t range.

What our latest note said

US Market Open, 23 Oct, 10:15 UTC · what it led with

US President Trump says the US crushed Iran, and may want to do it a "little more".
Crude benchmarks firmer on ongoing tensions in the Middle East; recent bout of strength comes after the Houthis launched another missile towards Saudi interests.

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Iran and US talks continue, and reports that the deal is close are wrong.
WTI crude+1.5%
Mediation efforts said that "Qatar and Pakistan presented a 'compromise proposal' that meets the demands of both the American and Iranian sides", Al Araby Al Jadeed reports citing sources.
WTI crude−4.6%
"A breakthrough is expected to be announced this week to halt the escalation between Washington and Tehran", Al Araby Al Jadeed reports citing a source.
WTI crude−1.1%

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