[MARKET ANALYSIS] Oil futures mildly pulled back after China was reported to be in talks with Iran for safe oil & gas passage through Hormuz, while the US issued a temporary waiver to allow sale of Russian oil currently stranded at sea to India

WTI/Brent: WTI Apr'26 -2.0% / Brent May'26 -1.4%Oil futures pulled back overnight after rallying again yesterday, with a mild reversal seen after it was reported that China is in talks with Iran to allow safe oil and gas passage through Hormuz, while it was also reported that the US issued a temporary 30-day waiver to allow the sale of Russian oil currently stranded at sea to India.Gold: +0.8%Returned to above the USD 5,100/oz level with upside facilitated by a slightly softer dollar and as the Iran conflict boosts haven appeal.Copper: +0.9%Rebounded from the prior day's trough, with price action also helped as Asia-Pac stocks clawed back opening losses.