[MARKET ANALYSIS] Oil remains lacklustre after sliding yesterday alongside the broad risk-off mood

WTI/Brent: WTI Mar'26 Flat / Brent Apr'26 Flat

• Oil futures are lacklustre after sliding yesterday alongside the broad risk-off sentiment and an intraday rebound in the dollar, while demand was also not helped by comments from US President Trump, who stated they have to make a deal with Iran and could reach an agreement over the next month, while he warned it would be very traumatic for Iran if it does not agree to a deal.

Gold: +1.1%

• Clawed back some of the prior day's losses after the commodities complex suffered alongside the broad weakness across risk assets.

Copper: +0.8%

• Partially nursed recent losses but with the recovery contained alongside the downbeat mood in Asia.

Oil prices are under pressure, reflecting a risk-off sentiment in the market. The potential for a deal with Iran, as suggested by President Trump, adds a layer of uncertainty to demand, limiting any bullish sentiment. Investors should monitor how this geopolitical dynamic affects oil prices and broader commodity markets, especially as movements in the USD can also influence prices.