The decline in Brent crude oil prices is being influenced by Israel's commitment to exercise restraint in response to Iran's missile attack, as urged by the US government.

The front month Brent crude oil futures are currently testing a previously breached downtrend line, which may act as support once again. If the resistance area between $74.97 and $75.22 is surpassed, there could be a minor bounce to the 55-day simple moving average at $76.00.

In the precious metals market, spot silver prices have resumed their downward trajectory after a recovery rally. After dropping over 8% from a near 12-year high of $32.96 to a low of $30.12, silver reached a high of $31.63 before declining again. The downside target zone is between the late August high of $30.19 and the current October low of $30.12, with Friday's high acting as a cap.

US wheat futures have also retreated from a near four-month high of 626 and are currently trading around the 200-day simple moving average at 590. This level may provide short-term support, but a significant decline towards the late September low of 583 could follow if the price fails to hold. The 600-to-602 zone is expected to act as resistance, with further downside anticipated unless prices recover above last week's high of 622.