[MARKET ANALYSIS] Oil prices mildly declined amid a lack of fresh escalation or de-escalation, while Iran confirmed security chief Larijani was killed

WTI/Brent: WTI Apr'26 -1.4% / Brent May'26 -0.8%

• Oil futures are mildly lower as participants continue to digest the latest geopolitical headlines and commentary, but with no major fresh escalation or de-escalation in the conflict, while Iran has confirmed that security chief Larijani was killed in an air strike. Furthermore, price action was also not helped by the mixed private inventory data, which showed a larger-than-expected build in crude and a wider-than-forecast drawdown in gasoline.

Gold: -0.1%

• Trades rangebound with price action oscillating around the USD 5,000/oz level as the FOMC looms.

Copper: -0.2%

• Lacks demand after its recent pullback and amid the lacklustre mood in its largest buyer.

Oil prices have experienced a mild decline today, primarily due to a lack of significant developments in geopolitical tensions, despite the confirmation of Iranian security chief Larijani's death. This absence of escalation may lead traders to stay cautious, especially as the market also grapples with mixed inventory data, which could affect short-term supply dynamics. Overall, the muted reaction reflects a balancing act between geopolitical risks and supply fundamentals in the energy market.