[MARKET ANALYSIS] Oil slumped and metals surged on the US-Iran interim peace deal which would open up the Strait of Hormuz

WTI/Brent: WTI Jul'26 -5.0% / Brent Aug'26 -4.3%Oil futures slumped at the reopen following the announcement on Sunday that the US and Iran reached an interim peace agreement which would open the Strait of Hormuz and is due to be signed on Friday in Switzerland, while Trump stated that he authorises the immediate removal of the US naval blockade and that oil will flow with the opening of the Strait of Hormuz upon the signing of the deal on Friday.Gold: +2.3%Rallied above the USD 4,300/oz level as lower oil prices eased inflationary pressures, dragged yields lower, unwound Fed rate hike bets and weakened the greenback.Copper: +1.4%Extended on last week's advances amid the broad risk-on environment.