Oil Prices Decline Amid Stable Metal Markets on Geopolitical Developments

Commodity Markets Trade Mixed Amid Global Macro Cues and Iran Conflict

Commodity markets traded on a mixed note on April 21, with crude oil prices declining while precious metals held firm. Investors reacted to global macroeconomic cues, currency movements, and demand signals from key economies. The mixed performance of commodity markets reflects the ongoing uncertainty surrounding global energy supplies and inflation concerns.

Crude Oil Prices Decline Amid Iran Conflict Talks Brent crude futures were trading lower by 95 cents, or 1%, at $94.53 per barrel, amid expectations that peace talks between the US and Iran could take place later this week. This decline comes after the previous session saw Brent rise 5.6% and WTI gain 6.9%, following Iran's shutdown of the Strait of Hormuz and the US seizure of an Iranian cargo vessel as part of its blockade on the country's ports. West Texas Intermediate (WTI) crude futures for May delivery fell $1.54, or 1.72%, to $88.07 per barrel.

| Benchmark | Previous Session | Current Session | | --- | --- | --- | | Brent Crude | +5.6% | -1% | | WTI Crude | +6.9% | -1.72% |

Precious Metals Hold Firm Amid Iran Conflict Uncertainty In the precious metals segment, gold prices remained steady as traders assessed the prospects of a negotiated settlement in the Iran conflict, which has disrupted global energy supplies and heightened inflation concerns. Spot gold hovered near $4,830 per ounce in early trade, after slipping 0.2% in the previous session. Silver prices rose 0.5% to $80.09 per ounce. Platinum and palladium were largely unchanged.