Summary

• Oil prices extend declines as the US and Iran sign a peace agreement, with Middle East supply expected to recover sooner than previously anticipated.
• Sentiment is further weighed by the IEA’s weaker 2026 demand outlook.
• Gold rose in Asian trading, recovering losses from the previous session as investors balanced a more hawkish Federal Reserve outlook with lingering geopolitical uncertainty.

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

Energy – WTI moves below $75/bbl

ICE Brent fell to its lowest since early March, while NYMEX WTI dropped more than 2% to below $75/bbl on