[MARKET ANALYSIS] Oil prices are lacklustre after declining yesterday amid US-Iran and Ukraine-US-Russia talks in Geneva

WTI/Brent: WTI Apr'26 -0.1% / Brent Apr'26 Flat

• Oil futures are lacklustre after retreating yesterday as geopolitics dominated the tape, with US-Iran and US-Russia-Ukraine talks conducted in Geneva. On the former, Iran's Foreign Minister said they have reached an understanding on the main principles with the US, which does not mean an agreement will be reached soon, but the path has started, while there was little new info from the trilateral meeting with talks to continue on Wednesday, although Ukrainian President Zelensky told Axios that the Ukrainian people would reject a peace deal that involves Ukraine unilaterally withdrawing from the eastern Donbas region and turning it over to Russia.

Gold: +0.1%

• Price action is rangebound after its recent retreat beneath the USD 4,900/oz level amid mild gains in the dollar, and with FOMC Minutes on the horizon.

Copper: +0.7%

• Rebounded from the prior day's trough with the partial recovery facilitated as sentiment on Wall St somewhat improved, but with further upside limited overnight alongside the absence of key participants due to holiday closures.

Oil prices are showing weakness due to geopolitical tensions, particularly the stalled progress in US-Iran and Ukraine-US-Russia talks. While there may be an understanding between the US and Iran, significant hurdles remain, keeping markets cautious. This situation could lead to volatility in oil prices, as the market weighs supply concerns against the backdrop of these intricate negotiations.