[MARKET ANALYSIS] Oil prices surge to just shy of USD 120/bbl on continued Iran conflict, forcing producers to begin cutting output

WTI/Brent: WTI Apr'26 +25.5% / Brent May'26 +22.9%Oil futures surged from the open with both WTI and Brent crude futures climbing above USD 100/bbl before later extending briefly to above USD 116.00/bbl as the Iran dragged on into a second week and with disruptions forcing producers such as the UAE and Kuwait to begin cutting production, while Iraq's production has reportedly fallen about 60% since the beginning of the conflict. Furthermore, a post by US President Trump suggesting that short-term oil prices will drop rapidly once the Iranian nuclear threat is over, did little to contain the surge in oil.Gold: -1.9%Declined alongside a firmer buck and with the metals complex pressured alongside the broad risk-off mood.Copper: -1.0%Slumped at the reopen as the continued Iran conflict and surge in oil set the tone across, although prices are off worst levels with some mild tailwinds seen following the firmer-than-expected Chinese inflation data.