[MARKET ANALYSIS] Oil prices continued to edge higher as Trump's deadline on Iran looms
WTI/Brent: WTI May'26 +2.6% / Brent June'26 +1.4%
- Oil extended its gains heading closer to Trump's Tuesday evening deadline for Iran, with WTI crude futures climbing above the USD 115/bbl, while strikes continued overnight across Iran and its regional neighbours, with an Iranian adviser threatening that US allies will return to the stone age if Trump does not surrender.
Gold: -0.5%
- Retreated amid headwinds from higher oil prices and a firmer dollar.
Copper: +0.3%
- Trades rangebound amid the ultimately mixed risk appetite, with participants cautious as the Trump deadline looms.
Context
Oil prices are climbing as Trump’s deadline on Iran approaches, indicating heightened geopolitical risk which could lead to further price volatility. This context is crucial as escalations in the region could disrupt supply, suggesting potential impacts on inflation and other commodity prices. Traders should monitor the situation closely as it may influence broader market sentiment, especially in energy and related sectors.
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