[MARKET ANALYSIS] Oil prices are lacklustre after retreating on reports of a tentative agreement regarding a potential 60-day extension for the US-Iran ceasefire

WTI/Brent: WTI Jul'26 -0.8% / Brent Aug'26 -0.6%Oil prices are lacklustre after wiping out the prior day's initial gains with pressure seen after reports that the US and Iranian negotiators reached an agreement on a 60-day MOU to extend the ceasefire and launch negotiations on Iran's nuclear programme, although the deal still requires approval from US President Trump, while Iran's Tasnim also leaned back on the reports and stated the text has not been finalised.Gold: +0.2%Holds on to the prior day's spoils after climbing above the USD 4,500/oz level as the dollar, yields and oil prices all declined on the reports of a tentative agreement to extend the US-Iran ceasefire.Copper: FlatPlateaued overnight after recently advancing alongside the geopolitical-related optimism.