[MARKET ANALYSIS] Oil prices partially rebouded after declining yesterday on hopes for an end to the Iran war

WTI/Brent: WTI May'26 +1.6% / Brent Jun'26 +1.5%

• Oil prices rebounded overnight after retreating yesterday amid hopes of an end to the Iran war after encouraging headlines and comments from US and Iran that sigalled both sides were open to ending the war, while President Trump more recently suggested that the Iran war could be over in two or three weeks and will deliver a nationwide address on Wednesday to give an important update on Iran at 21:00EDT/02:00BST. Nonetheless, oil futures have edged higher as strikes continued, including on an oil tanker in Doha, while it was also reported that the UAE is preparing to help the US and allies to open the Strait of Hormuz by force.

Gold: +0.3%

• Extended on gains and briefly climbed above the USD 4,700/oz level after oil prices and the dollar retreated yesterday on hopes of an end to the Iran conflict, although the precious metal is off today's best levels as oil recouped some lost ground.

Copper: +0.6%

• Continued its steady advances alongside the positive risk appetite, but with further gains capped following the miss on Chinese RatingDog Manufacturing PMI data.