[MARKET ANALYSIS] Oil prices remain pressured after slumping yesterday on US-Iran optimism

WTI/Brent: WTI Dec'26 -0.8% / Brent Jan'27 -0.7%

• Oil prices mildly extended on declines after slumping yesterday as the mood between the US and Iran turned more constructive, with a peace proposal appearing closer than before, while meetings between US President Trump, VP Vance and the Qatari PM were ‘positive’ and they discussed ways to progress talks with Iran. Furthermore, US President Trump repeated that they are locked and loaded, but added that US military action against Iran is not necessary 'at this point'

Gold: -0.2%

• Takes a breather after rallying yesterday alongside lower oil prices and a weaker buck, while participants now await the looming US inflation data.

Copper: +0.4%

• Remains supported by the constructive mood but with the upside capped ahead of key data including the latest Chinese trade figures.