[MARKET ANALYSIS] Oil prices gradually edged higher amid ongoing fluid situation regarding talks and mixed signals from US and Iran

WTI/Brent: WTI May'26 +1.2% / Brent Jun'26 +1.0%

• Oil prices gradually edged higher overnight amid the ongoing fluid situation regarding US-Iran peace talks, as Iran's Foreign Minister Araghchi continued to deny that talks are taking place, but stated the US is sending messages through different mediators, and noted the exchange of messages via mediators "does not mean negotiation with the US". Conversely, the White House said the Iranian regime is looking for an exit ramp and that Iran wants to talk, while US President Trump said Iran is negotiating and wants a deal, but is afraid to say so.

Gold: +0.1%

• Price action is rangebound amid a steady dollar and as participants reflect on the mixed messages from the US and Iran.

Copper: -1.0%

• Remains lacklustre with demand not helped by the somewhat cautious risk appetite in Asia, including for the red metal's largest buyer, China.