[MARKET ANALYSIS] Oil prices declined after Israeli officials confirmed that the attack on Iran's South Pars gas field will likely not be repeated, and Israeli PM Netanyahu said that the war will end sooner than people think

WTI/Brent: WTI May'26 -2.7% / Brent May'26 -3.3%

• Continued to pullback from the prior day's initial peak with fluctuation in prices at the whim of supply and geopolitical-related headlines including comments from US Treasury Secretary Bessent that the US could do another SPR release to keep prices down and may un-sanction Iranian oil, while the White House will reportedly not implement a crude export ban, and Chevron is restarting jet fuel unit at its 285k bpd El Segundo refinery, five months after a major fire disrupted operations. Furthermore, Israeli officials confirmed that the attack on Iran's South Pars gas field will likely not be repeated, and Israeli PM Netanyahu said that the war will end sooner than people think.

Gold: +0.6%

• Nurses some losses after its recent slide to briefly test the USD 4,500/oz level, where support held, although the precious metal was still seen on course for its worst weekly loss in six years, with prices not helped by the deluge of central bank updates, which were hawkish-leaning given the inflationary pressures from the war-driven oil surge.

Copper: +1.2%

• Rebounded from yesterday's intraday dip, but with further upside capped by the lacklustre risk environment.