[MARKET ANALYSIS] Oil prices suffer a double-digit percentage drop ahead of G7 energy ministers' talks and after US President Trump said the war could end very soon
WTI/Brent: WTI Apr'26 -10.4% / Brent May'26 -10.3%
- Oil prices are lower and have completely retraced this week's opening surge with pressure seen as the G7 mulls the release of emergency oil reserves, with their energy ministers set to hold talks later today, and the US is said to believe that a joint release of 300mln-400mln barrels of oil is appropriate, while further downside was seen after US President Trump suggested that the Iranian conflict is nearing an end.
Gold: +0.6%
- Edged higher with the metals complex helped by a weaker dollar amid hopes of a nearing conclusion to the hostilities in the Middle East.
Copper: +0.9%
- Advanced alongside the improvement in risk appetite, and with participants now awaiting the latest trade data from the red metal's largest buyer.
Context
Oil prices have experienced a significant drop as the G7 prepares to discuss a potential release of emergency oil reserves and amid comments from President Trump suggesting the Iranian conflict could soon conclude. This combination of factors indicates a shift in supply dynamics, likely impacting inflation expectations and creating further volatility in energy-related assets. Watch for how this may affect the broader risk sentiment in markets, particularly in currencies and commodities.
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