[MARKET ANALYSIS] Oil and gold gain amid the ongoing conflict in the Middle East

WTI/Brent: WTI Apr'26 +1.1% / Brent May'26 +1.3%

• Remained underpinned by the escalating Middle East conflict, but are off the prior day's highs after US President Trump confirmed the US is to provide political risk insurance and guarantees at a very reasonable price for the financial security of all maritime trade, and could also begin escorting tankers through the Strait of Hormuz.

Gold: +1.9%

• Continued its rebound from near-term support at the USD 5,000/oz level with prices helped by haven demand and advances in silver.

Copper: +1.7%

• Edged higher with support seen after China's private sector manufacturing PMI data which showed the strongest improvement in manufacturing conditions in more than five years.

The ongoing conflict in the Middle East is driving gains in oil and gold, with WTI and Brent crude both rising as the situation heightens. Despite the recent uptick, prices are pulling back slightly after the U.S. pledged to enhance maritime security, which could stabilize supply routes. For traders, this heightened geopolitical risk suggests a strong demand for safe-haven assets like gold and can have lasting implications for commodity pricing and overall market sentiment.