[MARKET ANALYSIS] Oil prices remain firmer after gaining amid geopolitical risks surrounding Iran
Oil prices have gained traction amid escalating tensions concerning Iran, specifically with aggressive rhetoric from former President Trump suggesting potential military action.
[MARKET UPDATE] CME copper futures print fresh intraday highs with buying momentum seen in the last 20-30 minutes, which also coincided with a return to above the USD 6.0/lb level, while LME copper hit a record high just shy of USD 14k/ton
[MARKET ANALYSIS] T-note futures struggle for direction after yesterday's choppy performance and post-FOMC recovery
[MARKET ANALYSIS] Oil prices remain firmer after gaining amid geopolitical risks surrounding Iran
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WTI/Brent: WTI Mar'26 +0.9% / Brent Apr'26 +0.7%
- Oil prices remain firmer after gaining yesterday alongside punchy Trump rhetoric on Iran and with sources noting that Trump is considering a new large-scale strike on Iran, while the latest EIA inventory report also showed a larger-than-expected draw in headline crude stockpiles.
Gold: +2.3%
- Resumed its stellar rally and climbed to a fresh record high just shy of the USD 5600/oz level, with momentum seen in the aftermath of the FOMC despite the lack of major surprises from the Fed.
Copper: +0.6%
- Trades higher but is off the prior day's best levels after returning from the USD 6/lb level and amid the mostly subdued overnight risk tone.
This geopolitical uncertainty, compounded by a larger-than-expected draw in crude inventories reported by the EIA, is likely to keep oil prices supported and may impact currency and equity markets as investors weigh the risks.
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