[MARKET ANALYSIS] Oil prices pullback on reports the US and Iran discussed a phased deal to reopen Hormuz and end the blockade

WTI/Brent: WTI Nov'26 -1.4% / Brent Nov'26 -0.8% Oil prices pulled back overnight following the prior day's advances, with the reversal seen following reports that the US and Iran discussed a phased deal to reopen the Strait of Hormuz and end the US blockade, while CNN reported that Iranian Foreign Minister Araghchi said Iran presented a proposal to the US through mediators this week to reopen the Strait of Hormuz and restart negotiations towards a final deal, while the proposal called for the US to meet certain conditions within 7 days. Gold: +0.4% Mildly gained and eyes a retest of the USD 4,300/oz level but with upside contained following recent sideways trade and as the dollar pauses after previous advances. Copper: -0.4% Demand is lacklustre amid the mixed risk appetite and absence of its largest buyer.