[MARKET ANALYSIS] Oil rallied despite IEA announcing a record emergency joint release, while the conflict causes further disruptions

WTI/Brent: WTI Apr'26 +6.7% / Brent May'26 +6.7%

• Oil prices rallied despite the IEA announcement that countries agreed to a record 400mln-barrel emergency joint release, as the action seen as a mere band-aid on the supply shock and with the timeframe to be appropriate to the circumstances of each member country, while the US release, which accounts for 172mln barrels, will begin next week, but the delivery is expected to take around 120 days based on planned discharge rates. Meanwhile, the conflict in the Middle East continues, and Iraq announced that oil ports have completely stopped operations following an attack on a couple of fuel tankers.

Gold: -0.1%

• Price action is choppy with initial declines seen amid a firmer buck and as the recent fluctuations in oil muddle the inflation and interest rate outlooks, with markets now only fully pricing one rate cut by the Fed this year and not until December.

Copper: -0.1%

• Takes a breather after yesterday's partial intraday recovery, and with demand constrained amid the mostly downbeat sentiment.

Oil prices have rallied sharply despite the IEA announcing a record emergency joint release of barrels, indicating that the market perceives the release as insufficient to address ongoing supply disruptions, particularly due to heightened geopolitical tensions in the Middle East. This duality highlights a significant concern: while immediate supply actions are being taken, investors are looking at the longer-term implications of conflict impacts on oil operations, reinforcing the notion that the support for prices may persist despite attempts to balance supply.