Oil prices declined as prospects for U.S.-Iran negotiations eased concerns over potential supply disruptions. Copper continued its downward trend. Silver prices plunged sharply, still searching for a bottom after a historic sell-off, while gold prices also fell.

**Crude Oil: Prices Drop as Iran Confirms Talks with U.S.** Crude oil fell for the first time in three days after Iran confirmed it would hold negotiations with the United States, alleviating fears of an immediate military conflict that could disrupt supplies. WTI retreated after a 4.8% gain over the previous two trading sessions, settling around $63 per barrel. Brent fell below $68. Iranian Foreign Minister Abbas Araghchi stated on social media that talks between Iran and the U.S. would take place on Friday in Oman. Losses in crude futures widened after U.S. private sector employment data renewed concerns about an economic slowdown and potential weakening in oil demand. Oil pared some losses after Saudi Arabia cut the official selling price for its main crude grade to Asian buyers to the lowest level in years. The price reduction was smaller than many in the industry had anticipated, viewed as a signal that Saudi Arabia remains confident in oil demand. "We do see a degree of oversupply at the moment, but I believe that is balanced by the high level of uncertainty stemming from geopolitical challenges," said Shell CEO Wael Sawan in an interview. "This uncertainty and volatility bring a premium." Traders are also closely monitoring this week's Ukraine peace talks. Ukrainian President Volodymyr Zelenskyy stated that the negotiations would be affected by Russian attacks on Ukraine's energy infrastructure and called for more weapons from the United States. March WTI crude fell 2.8% on the New York market, settling at $63.29 per barrel. April Brent crude declined 2.8% to $67.55 per barrel.

**Base Metals** Copper prices fell below $13,000 as inventories at the London Metal Exchange (LME) located in Asia saw a significant increase. Fan Rui, an analyst at Guoyuan Futures, stated that the inventory rise indicates that traders are diverting copper originally intended for the U.S. to LME warehouses in other regions after the U.S. copper premium disappeared. Data from consultancy Mysteel showed that national spot daily trading volume of refined copper reached 25,300 tonnes on Wednesday, a sharp drop from the 38,121 tonnes recorded on Monday, which was a three-month high. At the close, LME copper fell 1.1% to $12,903 per tonne. LME aluminum declined 1.4% to $3,027 per tonne. LME nickel dropped 1.8% to $17,071 per tonne. LME zinc decreased 0.2% to $3,302 per tonne. LME tin plunged 4.3% to $46,458 per tonne. LME lead fell 0.6% to $1,955.5 per tonne.

**Precious Metals** Silver prices plunged dramatically, erasing gains from the previous two days, as the metal continues to seek a floor following a historic collapse. Gold prices also declined. Silver fell as much as 18% on Thursday. After a record-breaking rally that appeared excessively sharp and rapid, silver prices have retreated more than one-third from the all-time high set on January 29. "Sentiment appears to have weakened across most asset classes, including regional equities and metals," said Christopher Wong, a strategist at OCBC Bank. He noted that this highlights the fragility of market sentiment and creates a feedback loop amid relatively weak market liquidity. As of 4:08 PM ET, spot gold was down 3% at $4,814.71 per ounce. Spot silver fell 16.3% to $73.7695 per ounce.