[MARKET ANALYSIS] Oil prices remain firmer after gaining amid geopolitical risks surrounding Iran

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.

Oil prices have gained traction amid escalating tensions concerning Iran, specifically with aggressive rhetoric from former President Trump suggesting potential military action. 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.