COMMODITIES: Oil prices up slightly despite de-escalation in Gulf
Idag, 13:50
(Alliance News) - Oil rose marginally on Tuesday as traders adopted a cautious stance amid hopes of a US-Iran peace deal in the Middle East.
Spot Brent crude was trading at USD110.96 a barrel around midday on Tuesday, slightly up from USD110.49 on Monday. Spot West Texas Intermediate inched up to USD103.79 a barrel from USD102.26.
But the oil market remained high on Tuesday, despite US President Donald Trump's postponement of a planned attack on Iran, XS.com analyst Samer Hasn said.
Trump on Monday touted a "very positive development" in talks with Iran, after saying he would "hold off on our planned Military attack of the Islamic Republic of Iran", AFP reports.
But the lack of a near-term path to a deal to end the Iran war that started late in February, stalled diplomatic efforts, and the fact that all sides remain committed to their extreme demands mean that "geopolitical risk premiums" remain baked into oil prices, Hasn said.
"The appointment of a new, hardline leadership within the Iranian hierarchy has made negotiations even tougher than before, with the leadership sticking firmly to its maximalist demands regarding its nuclear and missile programs, as well as control over the Strait of Hormuz," the XS.com analyst said.
"Therefore, I see yesterday's manoeuvre by Trump as nothing more than an attempt to force energy prices down or to buy time to secure some kind of concession from Iran, which I find unlikely given the current hardline leadership," Hasn said.
Meanwhile, the scale of energy supply disruptions is "significant and growing more concerning each day that oil flows remain halted", ING analysts Warren Patterson and Ewa Manthey said.
On another front, the US Treasury on Monday extended by 30 days its sanctions waiver for Russian oil cargoes already at sea.
"The extension will be welcomed by Asian buyers, who are most exposed to the ongoing disruptions in the Middle East," Patterson and Manthey said.
The benchmark TTF gas futures contract for delivery in one month eased to EUR50.91 per megawatt hour on Tuesday from EUR51.30 on Monday.
Spot gold was quoted at USD4,539.16 an ounce on Tuesday, up from USD4,535.33 at the same time on Monday. Silver edged higher to USD75.97 an ounce from USD75.71.
The yellow metal could remain under some pressure amid higher US Treasury bond yields and a firm dollar, Fadi Al Kurdi of FFA Kings said.
The constant uncertainty over the geopolitical situation in the Middle East and the resulting elevated oil prices could continue to support the dollar and US Treasuries, weighing on non-yielding assets like gold, Al Kurdi said.
"After President Donald Trump announced a pause to a planned military action, markets could remain cautious amid the risks of re-escalation, in particular if diplomatic efforts continue to stall," he said.
Elevated energy prices and ongoing inflation concerns could continue to reinforce expectations that the US Federal Reserve may need to move toward a more restrictive monetary policy stance, he added.
Gold is likely to continue trading cautiously, with the outlook leaning toward correction or consolidation if US yields remain elevated, XS.com analyst Linh Tran said.
Elsewhere, platinum was priced at USD1,970.83 an ounce on Tuesday, up from USD1,965.91 on Monday. But palladium fell to USD1,393.03 an ounce from USD1,416.34.
In base metals, the copper price rose to USD13,590.50 per tonne from USD13,544.50, but aluminium slid to USD3,557.50 from USD3,572.00.
Copper remains around 8% higher year-to-date, ING's Patterson and Manthey said, adding: "It's being supported by earlier gains driven by strong positioning, tech-related demand and ongoing supply constraints."
By Artwell Dlamini, Alliance News senior reporter South Africa
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.
COMMODITIES: Oil prices up slightly despite de-escalation in Gulf
Idag, 13:50
(Alliance News) - Oil rose marginally on Tuesday as traders adopted a cautious stance amid hopes of a US-Iran peace deal in the Middle East.
Spot Brent crude was trading at USD110.96 a barrel around midday on Tuesday, slightly up from USD110.49 on Monday. Spot West Texas Intermediate inched up to USD103.79 a barrel from USD102.26.
But the oil market remained high on Tuesday, despite US President Donald Trump's postponement of a planned attack on Iran, XS.com analyst Samer Hasn said.
Trump on Monday touted a "very positive development" in talks with Iran, after saying he would "hold off on our planned Military attack of the Islamic Republic of Iran", AFP reports.
But the lack of a near-term path to a deal to end the Iran war that started late in February, stalled diplomatic efforts, and the fact that all sides remain committed to their extreme demands mean that "geopolitical risk premiums" remain baked into oil prices, Hasn said.
"The appointment of a new, hardline leadership within the Iranian hierarchy has made negotiations even tougher than before, with the leadership sticking firmly to its maximalist demands regarding its nuclear and missile programs, as well as control over the Strait of Hormuz," the XS.com analyst said.
"Therefore, I see yesterday's manoeuvre by Trump as nothing more than an attempt to force energy prices down or to buy time to secure some kind of concession from Iran, which I find unlikely given the current hardline leadership," Hasn said.
Meanwhile, the scale of energy supply disruptions is "significant and growing more concerning each day that oil flows remain halted", ING analysts Warren Patterson and Ewa Manthey said.
On another front, the US Treasury on Monday extended by 30 days its sanctions waiver for Russian oil cargoes already at sea.
"The extension will be welcomed by Asian buyers, who are most exposed to the ongoing disruptions in the Middle East," Patterson and Manthey said.
The benchmark TTF gas futures contract for delivery in one month eased to EUR50.91 per megawatt hour on Tuesday from EUR51.30 on Monday.
Spot gold was quoted at USD4,539.16 an ounce on Tuesday, up from USD4,535.33 at the same time on Monday. Silver edged higher to USD75.97 an ounce from USD75.71.
The yellow metal could remain under some pressure amid higher US Treasury bond yields and a firm dollar, Fadi Al Kurdi of FFA Kings said.
The constant uncertainty over the geopolitical situation in the Middle East and the resulting elevated oil prices could continue to support the dollar and US Treasuries, weighing on non-yielding assets like gold, Al Kurdi said.
"After President Donald Trump announced a pause to a planned military action, markets could remain cautious amid the risks of re-escalation, in particular if diplomatic efforts continue to stall," he said.
Elevated energy prices and ongoing inflation concerns could continue to reinforce expectations that the US Federal Reserve may need to move toward a more restrictive monetary policy stance, he added.
Gold is likely to continue trading cautiously, with the outlook leaning toward correction or consolidation if US yields remain elevated, XS.com analyst Linh Tran said.
Elsewhere, platinum was priced at USD1,970.83 an ounce on Tuesday, up from USD1,965.91 on Monday. But palladium fell to USD1,393.03 an ounce from USD1,416.34.
In base metals, the copper price rose to USD13,590.50 per tonne from USD13,544.50, but aluminium slid to USD3,557.50 from USD3,572.00.
Copper remains around 8% higher year-to-date, ING's Patterson and Manthey said, adding: "It's being supported by earlier gains driven by strong positioning, tech-related demand and ongoing supply constraints."
By Artwell Dlamini, Alliance News senior reporter South Africa
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.
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