[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.