[MARKET ANALYSIS] Oil futures marginally pulled back after recent geopolitically-fuelled advances, while copper is unfazed by the subdued risk tone and sits at record levels

WTI/Brent: WTI Jun' -0.6% / Brent Jul'-0.7%Oil prices mildly pulled back overnight but remained above the USD 100/bbl level, after climbing higher throughout most of the prior day as US/Iran tensions showed no signs of abating, while reports noted Iran will not enter the second round of talks with the US without fulfilling five confidence-building conditions, including compensation for damages and losses from the war, as well as recognising Iran’s right of sovereignty over the Strait of Hormuz.Gold: -0.2%Marginally softened and reapproaches the USD 4,700/oz level to the downside after recent swings as higher oil prices and firmer inflation strengthened the dollar and clouded the interest rate path.Copper: +1.9%Remains elevated and is unfazed by the subdued risk appetite with CME copper futures at record highs and LME prices above USD 14,000/ton.