[MARKET ANALYSIS] Oil future resume advances as geopolitics remains in the forefront of market focus

WTI/Brent: WTI Apr'26 +2.7% / Brent May'26 +2.2%

• Oil futures resumed their advances as geopolitics remained at the forefront of market focus, with Iran said to be prepared for a prolonged conflict and with Arab intelligence sources estimating that Houthis in Yemen are planning to attack vital targets inside Saudi Arabia. Furthermore, Iran targeted Tel Aviv overnight, while there were also reports that Kurdish forces in Iraq launched a ground military offensive into Iran, although this was later denied.

Gold: +0.8%

• Gradually edged closer towards the USD 5,200/oz vicinity, although price action is relatively contained in comparison to recent moves, while there was little reaction to a report that Venezuela's Minerven inked a multimillion-dollar deal to sell up to 1,000 kilos of gold destined for US markets to Trafigura.

Copper: +0.5%

• Prices are kept afloat amid the improvement in risk sentiment, but with gains capped after China set its lowest GDP growth target since 1991.

Oil futures are advancing sharply as tensions in the Middle East escalate, particularly with Iran indicating readiness for prolonged conflict and concerns over potential attacks on Saudi Arabia. This geopolitical backdrop is significant for energy markets, likely pulling risk sentiment and driving up prices in both oil and precious metals today, reflecting investor caution amidst rising geopolitical risks.