[MARKET ANALYSIS] Oil prices take a breather after rallying yesterday by more than 4% on US-Iran frictions

WTI/Brent: WTI Apr'26 +0.1% / Brent Flat

• Oil takes a breather after rallying yesterday by more than 4% amid geopolitical concerns as Axios cited sources that noted the Trump admin is closer to a major war with Iran than people realise, and a military operation would likely be massive, while it was also recently reported that the US military is ready to strike Iran as early as this weekend, although President Trump has yet to make the final decision.

Gold: -0.1%

• Marginally pulled back after briefly returning to above the USD 5,000/oz level, while the latest FOMC Minutes did little to spur price action and showed a divided outlook on rates.

Copper: -0.3%

• Holds on to most of the prior day's gains after advancing in the aftermath of the stronger-than-expected US data releases.

Oil prices are stabilizing after a significant rise, reflecting heightened geopolitical tensions surrounding potential US military action against Iran. This pullback suggests that traders are reassessing the immediate implications of these tensions, while the market remains sensitive to developments, particularly with looming decisions from the Trump administration regarding military engagement.