[MARKET UPDATE] Crude on a softer footing, albeit with Trump’s deadline looming

WTI and Brent July futures have been edging lower throughout the European morning thus far, with newsflow relatively quiet aside from mixed commentary out of Iran, with the Iranian Deputy to the President Banah suggesting Tehran is open to negotiations within national interests, whilst the IRGC said that if the attack on Iran occurs again, the war will extend beyond the region, Fars News reports. Aside from that, not much new to report on the Iranian front. Yesterday, WSJ, citing mediators and US officials, reported that Iran's position in talks with the US to end the war hasn't changed much from earlier iterations that failed to yield progress towards a deal. Furthermore, it was reported that the US and Israel had been preparing to carry out new attacks on Iran within days, and some said strikes could still happen as early as next week. US Vice President Vance said he had spoken with President Trump regarding Iran and stated that Tehran had two options: either reach an agreement or resume the war. Elsewhere, the Russian and Chinese Presidents held a summit with energy and Iran in focus. The two sides have renewed plans for a natural gas pipeline between Russia and China - though no major details were released.
Nonetheless, crude futures remain heavy, with WTI in a USD 102.50-104.45/bbl range while its Brent counterpart resides in a USD 109.52-111.49/bbl range at the time of writing, with some weakness seen in the European morning despite a lack of clear catalysts, although the moves did follow comments from the Iranian Deputy to the President. Dutch TTF is flat in choppy trade above the EUR 51.50/MWh mark.
Spot gold is choppy and resides in a relatively narrow USD 4,453-4,508/oz at the time of writing, vs yesterday’s USD 4,464-4,589.58/oz parameter, with the yellow metal subdued by the firmer dollar. Spot silver, conversely, rebounds following yesterday’s 5% losses.
Base metals are mixed with newsflow on the quieter side this morning as markets await further US-Iran updates, with its implications watched from inflationary/growth standpoints. 3M LME copper resides in a narrow USD 13,357.00-13,506.00/t range at the time of writing.