TRUMP: IRAN HAS NO LEADERS LEFT

Oil prices dropped after Israeli Channel 12 reported a potential one-month ceasefire, under a plan developed by Steve Witkoff and Jared Kushner. The report indicated a possible reduction in regional geopolitical risks, leading markets to price out some of the war-risk premium. The ceasefire could ease tensions and lower the risk of disruptions to energy infrastructure, though the market remains cautious until official confirmation and further details emerge.

Copper resumed losses after a brief rebound as Middle East war fears fueled global inflation and growth concerns. Industrial metals fell despite Monday’s spike on Trump’s postponed strikes. Rising oil prices threaten global activity and inflation. Copper is down 10% this month on the LME, attracting Chinese buying, while inventories in the top-consuming country fell sharply last week.