Summary

• The oil market continues to edge lower amid hopes that the US and Iran extend their ceasefire by another 2 weeks, along with a potential resumption in talks to bring an end to the war.
• Copper rose to around a one‑month high this week, with broader gains across industrial metals as markets priced in easing macro risks.
• In precious metals, gold remains supported amid renewed optimism around de‑escalation.

By Warren Patterson, Head of Commodities Strategy and Ewa Manthey, Commodities Strategist

Energy: US oil exports jump to record levels

The oil market continues to edge lower amid hopes that the US and Iran extend their ceasefire