[MARKET ANALYSIS] Oil prices are contained after dropping 8% on Monday amid hopes for diplomacy and despite a report that the US conducted a small-scale, defensive attack on Iran's Qeshm Island
ORIGINAL · Newsquawk[MARKET ANALYSIS] Oil prices are contained after dropping 8% on Monday amid hopes for diplomacy and despite a report that the US conducted a small-scale, defensive attack on Iran's Qeshm IslandRead originalHide original
WTI/Brent: WTI Dec'26 +0.3% / Brent Jan'27 Flat Oil futures are contained after slumping yesterday by around 8%, with WTI slipping back beneath the USD 100/bbl level amid hopes for diplomacy following a slew of geopolitical headlines, including comments from US President Trump, who responded 'no' when asked if he was considering striking Iran after the midterms, while he also stated Iran wants a settlement as soon as possible and that it could happen. Trump was also said to be in no hurry to resume the war, and VP Vance noted that some progress was made on Iran, while Iranian Foreign Minister Araghchi announced that Iran had presented its conditions and plan. Nonetheless, there were reports of explosions heard in Qeshm and other areas in Iran, with US officials cited by WSJ later confirming that the US had attacked Iran's Qeshm Island, while the attack was described as small-scale, defensive and aimed at denying Tehran the freedom to attack commercial ships in the Strait of Hormuz, although this did little to impact prices. Gold: +0.1% Takes a breather following the prior day's rebound, which coincided with softer yields and a retreat in oil, but with the precious metal remaining beneath the USD 4,000/oz level. Copper: -0.9% Gradually retreated amid the mostly negative sentiment in the region, including in its largest buyer, China.
The supplied report described contained oil futures amid diplomacy headlines and a reported Qeshm attack, alongside gold gains and a copper decline; Reuters separately reported early Asian oil gains.
News detail
WTI/Brent: WTI Dec'26 +0.3% / Brent Jan'27 Flat Oil futures are contained after slumping yesterday by around 8%, with WTI slipping back beneath the USD 100/bbl level amid hopes for diplomacy following a slew of geopolitical headlines, including comments from US President Trump, who responded 'no' when asked if he was considering striking Iran after the midterms, while he also stated Iran wants a settlement as soon as possible and that it could happen. Trump was also said to be in no hurry to resume the war, and VP Vance noted that some progress was made on Iran, while Iranian Foreign Minister Araghchi announced that Iran had presented its conditions and plan. Nonetheless, there were reports of explosions heard in Qeshm and other areas in Iran, with US officials cited by WSJ later confirming that the US had attacked Iran's Qeshm Island, while the attack was described as small-scale, defensive and aimed at denying Tehran the freedom to attack commercial ships in the Strait of Hormuz, although this did little to impact prices. Gold: +0.1% Takes a breather following the prior day's rebound, which coincided with softer yields and a retreat in oil, but with the precious metal remaining beneath the USD 4,000/oz level. Copper: -0.9% Gradually retreated amid the mostly negative sentiment in the region, including in its largest buyer, China.
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