[MARKET UPDATE] Oil prices completely pared initial gains and trade with losses of more than 1% in early volatile trade following US-Iran threats and Trump's ultimatum, while sources over the weekend stated Iran decided to limit its attacks on Saudi

Oil prices have seen a significant reversal, now trading down over 1% following heightened tensions between the U.S. and Iran, coupled with Trump's ultimatum. This volatility suggests investor sentiment is reacting to the geopolitical climate, indicating that while there was initial optimism, market participants are weighing the risks of conflict against potential supply-side impacts from Iran's reported decision to limit attacks on Saudi Arabia.