[MARKET ANALYSIS] Oil prices rebounded overnight as Iran refutes reports of recent contact with the US

WTI/Brent: WTI Apr'26 +2.6% / Brent May'26 +2.6%Oil prices rebounded overnight after the prior day's declines as the Iran war dragged on, but with no major escalation. There was also a further bout of pressure seen in late US trade on reports that US Special Envoy Witkoff and Iranian Foreign Minister Araghchi have been in contact in recent days, although Iran denied this shortly after, which facilitated a mild recovery in oil.Gold: FlatContinues to struggle for directions and trades sideways around the USD 5,000/oz level ahead of looming central bank meetings.Copper: FlatPlateaued overnight after gaining throughout the prior day, alongside the positive risk sentiment.