[MARKET ANALYSIS] Oil prices are contained after the recent geopolitical escalation simmered down

WTI/Brent: WTI Jul'26 -0.4% / Brent Aug'26 -0.3%Oil futures are contained after paring the majority of this week's initial gains as price action remained at the whim of geopolitical updates and with the pullback spurred by US President Trump's efforts to quash the flare-up between Iran and Israel, which succeeded, as Iran's armed forces announced the end of military operations against Israel, but warned of harsher attacks if Israel resumes attacks on Lebanon, while Israel and the US conveyed to Iran that there will be no further attacks if Iran does not fire again.Gold: +0.1%Price action is steady amid an uneventful dollar and after last week's retreat, while participants reflect on the recent escalation and eventual simmering down of the geopolitical situation.Copper: -0.2%Trades rangebound amid the somewhat mixed risk sentiment and as Chinese trade data looms.