Oil Prices Plummet as US-Iran Deal Hopes Grow

Oil prices have fallen below $80 per barrel due to growing hopes of a deal between the US and Iran. The Strait of Hormuz could reopen if a short-term agreement is reached, but experts warn that any deal may unravel quickly.

The market's optimism is tempered by concerns over the potential for supply disruptions in the region. OPEC production increased by 1.16 million barrels per day in July to 19.44 million barrels per day, but output remains below pre-war levels.

Copper prices have surged above $14,000 per ton on the London Metal Exchange, supported by tight physical market conditions and strong demand for prompt supply. Central banks added a net 51 tonnes of gold to reserves in June, with H1 purchases reaching 102 tonnes.