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Oil prices retreated from yesterday's rebound near $100 per barrel, with limited updates on US-Iran negotiations. Iran's state media reported obtaining a draft of an initial informal Memorandum of Understanding (MoU) framework, which includes provisions for the withdrawal of US military forces. However, the lack of concrete progress in talks has left markets in a wait-and-see mode.
The muted price action reflects uncertainty among traders, as geopolitical developments remain unresolved. While the reported draft MoU is viewed cautiously optimistic, the absence of official confirmation or actionable details has prevented a sustained bullish momentum. Traders are likely to remain range-bound until clearer signals emerge from diplomatic channels.
For commodity markets, the focus will shift to upcoming OPEC+ meetings and potential supply adjustments. Investors should monitor Iran's nuclear deal negotiations and US-Iran military posturing, as these could trigger volatility in energy prices. Central bank policies and global economic data will also influence broader market sentiment in the coming weeks.
