Global Commodities — Oil prices remained elevated on Wednesday despite slight declines, as investors continued to monitor the fragile ceasefire involving Iran and lingering geopolitical risks across the Middle East.
West Texas Intermediate crude fell 0.66 percent to about $101.50 per barrel, while Brent crude slipped 0.35 percent to approximately $107.40 per barrel.
Market analysts said the modest pullback has done little to remove the geopolitical “war premium” that has pushed energy prices sharply higher in recent weeks amid fears of supply disruption and regional instability.
The United States government confirmed the release of 53.3 million barrels from its Strategic Petroleum Reserve as part of a wider coordinated initiative by the International Energy Agency (IEA) to inject a combined 172 million barrels into global markets.
Despite the emergency release, investors remain cautious over the durability of the Iran ceasefire and the possibility of renewed disruptions to global oil supply routes.
Meanwhile, safe-haven demand continued to support precious metals.
Silver futures climbed nearly 3 percent to $88.14 per ounce, while gold futures edged slightly higher to around $4,689.20 per ounce as geopolitical uncertainty and inflation concerns sustained investor demand for defensive assets.
Analysts say commodity markets remain highly sensitive to developments in the Middle East, with oil, gold, and currency markets continuing to react sharply to shifts in geopolitical risk and global inflation expectations.