[MARKET ANALYSIS] Oil fluctuates as participants digest the US strike on Venezuela and capture of Maduro, as well as prospects of a future boost in output

WTI/Brent: WTI Feb'26 -0.1% / Brent Mar'26 +0.1%

• Oil futures fluctuated and pared most of their earlier losses after initially slumping by more than 1% as participants digested the geopolitical events from over the weekend surrounding Venezuela, in which the US conducted a strike on Venezuela and captured its President Maduro. The reaction has ultimately been indecisive as participants weigh the likely near-term disruption in Venezuela's oil activity, with expectations of a future boost in oil production, as President Trump had stated that they will get oil flowing like it should be, and he anticipates US oil producers spending billions in Venezuela.

Gold: +1.5%

• Gold rallied with early upside as the recent geopolitical events spur haven appeal, and with the precious metal also spurred by a broad rally in the metals complex, which saw intraday gains in silver of more than 4%.

Copper: +2.5%

• Benefitted alongside the mostly positive risk appetite and rally in metal prices.