[MARKET ANALYSIS] Crude firmer after brief spike; gold and silver softer

Crude futures are firmer after a brief spike saw WTI reach a high of USD 99.09/bbl and Brent USD 110.16/bbl in the absence of a clear catalyst. Prices are supported by a larger-than-expected private crude draw of 4.9mln bbls (exp. -1.1mln), while Iran's IRGC threatened to target internet cables in the Strait of Hormuz. Both benchmarks settled around USD 0.7 lower on Tuesday amid conflicting reports on a US-Iran deal. Spot gold is softer around USD 4,117/oz (4,106-4,132 range), extending Tuesday's losses, while silver is lower around USD 57.69/oz. Macro newsflow overnight has remained light. Copper futures are marginally firmer, with COMEX copper +0.1% at USD 6.61/lb, after Goldman Sachs raised its year-end forecast on Tuesday.