[MARKET ANALYSIS] Oil remains firm on geopolitical risks, while gold reclaimed the USD 5,000/oz status

WTI/Brent: WTI Mar'26 +1.3% / Brent Apr'26 +1.2%

• Oil remains firmer with the energy complex supported by increased US-Iran tensions after the US shot down an Iranian drone, while the latest private sector weekly inventory data showed a substantial surprise drawdown of over 11mln bbls.

Gold: +2.1%

• Continued its firm rebound, which helped the precious return to above the USD 5,000/oz level.

Copper: Flat

• Plateaued overnight after the prior day's rally and with price action contained amid the mixed risk appetite in Asia.

Oil prices are responding to rising geopolitical tensions, particularly between the US and Iran, which suggests a tightening supply outlook that could sustain prices. Additionally, gold's recovery above USD 5,000/oz highlights strong safe-haven demand amid these uncertainties, indicating that investors are seeking security in precious metals during periods of volatility. This environment may lead to heightened volatility in both commodities and related currencies as shifts in risk sentiment unfold.