[MARKET ANALYSIS] Oil prices fluctuated on reports that US-Iran talks were off, and then back on again

WTI/Brent: WTI Mar'26 -1.4% / Brent Mar'26 -1.4%

• Oil futures gave back some of the prior day's gains, which had been spurred by reports that talks between the US and Iran on Friday were cancelled due to Iran's refusal to engage in non-nuclear issues. However, it was later reported that the talks were back on again, which then triggered a reversal in some of the upside in oil.

Gold: +0.3%

• Price action is choppy with the precious metal initially reclaiming the USD 5,000/oz status before briefly wiping out all its gains shortly after SHFE and LME trading got underway, despite a lack of obvious drivers.

Copper: +0.3%

• Lacks conviction but is off the prior days' trough with demand contained amid the mostly subdued overnight risk sentiment.

The fluctuations in oil prices due to the contradictory reports on US-Iran talks underscore the volatility in the energy market driven by geopolitical dynamics. A canceled discussion followed by a renewed engagement could influence supply perceptions, affecting both crude prices and wider market sentiment. This situation highlights the ongoing sensitivity of oil markets to diplomatic developments, making it crucial for traders to stay attuned to evolving narratives around these negotiations.