[MARKET ANALYSIS] Oil futures decline and precious metals are supported with tariffs and geopolitics in the limelight

WTI/Brent: WTI Apr'26 -0.9% / Brent -0.7%

• Oil futures declined at the reopen amid trade-related uncertainty following US President Trump's latest response to SCOTUS striking down his IEEPA tariffs, whereby he raised global tariffs to 15% from the initial 10% that was announced on Friday. The attention also remains on geopolitics as US-Iran talks are set to resume this week, with an Iranian official noting that the possibility of reaching an interim agreement exists and that US companies can always participate as contractors in Iran's oil and gas fields.

Gold: +1.0%

• Gained a firmer footing after it recently climbed back above USD 5100/oz as trade-related uncertainty boosts haven appeal and with silver leading the advances.

Copper: +0.2%

• Copper holds on to recent gains as markets digest the latest tariff developments, with US President Trump's 15% flat-rate tariff seen to benefit countries such as China and Brazil the most.

Oil futures are under pressure due to rising trade-related uncertainties stemming from President Trump's tariff increase, which is likely to affect sentiment in the energy markets. Conversely, precious metals like gold are finding support as traders turn to safe-haven assets amidst geopolitical tension, particularly with upcoming US-Iran talks suggesting a complex backdrop that may influence both trade and energy supplies.