[MARKET ANALYSIS] Oil prices are pressured and metals gained amid ceasefire hopes

WTI/Brent: WTI May'26 -5.1% / Brent June'26 -5.9%

• Oil prices declined with Brent and WTI crude futures back beneath the USD 100/bbl and USD 88/bbl levels, respectively, amid hopes for a ceasefire in the Middle East war after encouraging comments by US President Trump regarding negotiations, while it was also reported that the US was working on a one-month ceasefire and sent Iran a 15-point peace plan on ending the war.

Gold: +2.5%

• Edged higher and returned to above the USD 4,500/oz level amid softer yields and lower oil prices.

Copper: +1.2%

• Benefitted alongside the positive risk environment amid hopes for a ceasefire in the Iran conflict.