The Global Oil Market Isn't Ready for the Iran Ceasefire to End -- Commodities Roundup

The global oil market is not positioned to absorb the end of the U.S.-Iran ceasefire, with prices and logistics still reflecting heightened disruption. Brent crude fell 0.6% to $77.58 a barrel, while European benchmark gas rose 2% to 50.17 euros per megawatt-hour. U.S. data showed commercial oil inventories increased by 3 million barrels in the week ended Friday, the first rise after 10 straight weeks of drawdowns, according to the Energy Department. Tanker traffic through the Strait of Hormuz resumed gradually after President Trump announced a temporary pause in fighting in mid-June, but crude stockpiles are expected to take longer to recover. In wider commodities, copper futures rose 1.6% to $13,465 a metric ton and gold gained 1.2% to $4,134.10 per troy ounce.