[MARKET ANALYSIS] WTI dips below USD 62/bbl as US-Iran tensions ease, with talks in Turkey this week looming

• Crude benchmarks have slumped at the start of the new week following geopolitical headlines over the weekend that have eased rising tensions in recent weeks. Axios' Ravid reported that a US-Iran meeting could take place this week, after weeks of potential signs of a strike in Iran. US President Trump also told reporters that Iran was seriously talking with Washington.
• WTI and Brent began trade just shy of USD 65/bbl and USD 68/bbl, respectively, before steadily falling lower throughout the APAC session to a low of USD 61.44/bbl and USD 65.45/bbl as markets price out the potential of further escalation. Benchmarks have rebounded slightly but remain near session lows.
• Nat Gas futures continue to pare back the rise in prices following the Arctic storm, with Dutch TTF now trading below EUR 35/MWh after topping at EUR 43.38/MWh at the peak of the storm worries. Overnight, Russia announced that it will permit gasoline exports for fuel producers through to the end of July to avoid overstocking.

The easing of US-Iran tensions is driving WTI prices below USD 62/bbl, suggesting market optimism surrounding potential diplomatic talks. This shift could signal reduced risk premium in crude oil prices and influence broader commodity market dynamics, particularly if further negotiations proceed positively. However, continued monitoring is necessary as geopolitical developments can quickly alter market sentiment.