[MARKET ANALYSIS] Oil prices marginally pulled back after rallying on geopolitical risks, while LME copper hit a fresh record high amid a strike at Mantoverde operations in Chile

WTI/Brent: WTI Feb'26 -0.5% / Brent Mar'26 -0.4%

• Oil futures marginally pulled back overnight after advancing throughout the prior US session as participants digested the US strike on Venezuela and Maduro's capture, while it was also reported that Saudi Aramco cut Asia OSPs to a premium of USD 0.30/bbl vs Oman/Dubai.

Gold: +0.1%

• Holds on to its gains after climbing to its highest in a week amid the ongoing geopolitical risks.

Copper: +0.9%

• Extended on recent advances with CME futures climbing above the USD 6/lb level, while the benchmark LME copper contract rose to a fresh record high above USD 13,200/ton amid the ongoing Capstone Copper union strike at Mantoverde operations in Chile, which began on Friday.

Oil prices have pulled back slightly after a recent rally, primarily influenced by geopolitical tensions surrounding the US's actions in Venezuela. Meanwhile, copper has surged to record highs due to supply disruptions linked to a strike at Mantoverde operations in Chile, highlighting the ongoing volatility in commodities that traders should monitor for potential market implications.