[MARKET ANALYSIS] Oil prices are rangebound amid ongoing US-Iran geopolitical uncertainty, but with Trump insisting on negotiations

WTI/Brent: WTI Mar'26 +0.4% / Brent Apr'26 +0.3%

• Crude futures remain afloat but with gains limited following the recent choppy performance alongside mixed geopolitical-related headlines, including reports that the Pentagon was said to be preparing a second aircraft carrier to deploy to the Middle East, although officials have cautioned that there had been no official order to deploy the second carrier and that plans could change. Furthermore, President Trump said following a meeting with Israeli PM Netanyahu that he insisted negotiations with Iran should continue to see whether a deal can be reached, which would be his preference.

Gold: -0.5%

• Mildly retreated after hitting resistance around the USD 5,100/oz level and which follows some unwinding of Fed rate cut bets following the recent better-than-expected US jobs data.

Copper: +0.3%

• Saw two-way price action amid a somewhat tentative mood in Asia and the lack of conviction in its largest buyer, China.

Oil prices remain stable amid ongoing U.S.-Iran tensions, suggesting that while geopolitical risks are present, current developments are not compelling enough to push prices out of their recent range. Trump's push for continued negotiations indicates a potential for diplomatic resolution, which could dampen volatility in energy markets if successful. However, the deployment of military assets underscores lingering uncertainties that keep traders cautious in the short term.