[MARKET ANALYSIS] Oil prices nurse some of yesterday's substantial losses amid a somewhat fragile US-Iran ceasefire

WTI/Brent: WTI May'26 +3.5% / Brent Jun'26 +2.8%

• Nurses some of the prior day's hefty losses after suffering double-digit declines following the announcement of the US-Iran ceasefire, although the details of the agreement remain unclear with no firm consensus between the sides and with Lebanon a key contention point, Iran has accused its counterparts of breaching the agreement with Parliament Speaker Ghalibaf stating that three clauses of the 10-point plan have already been violated, making a bilateral ceasefire or negotiations unreasonable.

Gold: +0.1%

• Price action is choppy after the precious metal gradually faded all of its ceasefire spoils and returned to a near-term support level around USD 4,700/oz.

Copper: -1.1%

• Pulled back overnight as the heightened risk appetite from the fragile US-Iran ceasefire petered out.