Author: Fiona Craig

Oil prices found some footing in Asian trading on Wednesday, following a roughly 2% drop in the previous session, as investors assessed developments in U.S.–Iran negotiations while remaining cautious about the chances of a swift agreement that could ease supply risks.

Brent crude futures rose 15 cents, or 0.22%, to $67.57 a barrel by 0737 GMT. U.S. West Texas Intermediate (WTI) crude gained 12 cents, or 0.19%, to $62.45. Both benchmarks remained near their lowest levels in about two weeks.

Tehran and Washington agreed on key “guiding principles” during talks on Tuesday aimed at resolving their long-running nuclear dispute. However, Iranian Foreign Minister Abbas Araqchi stressed that such progress does not imply that a comprehensive deal is close.

Some analysts questioned how quickly negotiations could move forward.

“Crude oil prices look poised for a technical rebound … However, a finalised agreement remains distant, and markets remain cautious about the durability of diplomatic momentum,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

Separately, Iran and Russia are scheduled to carry out joint naval drills in the Sea of Oman and the northern Indian Ocean on Thursday, according to Iran’s semi-official Fars news agency. The exercises follow recent maneuvers by Iran’s Revolutionary Guards in the Strait of Hormuz.

Political risk advisory Eurasia Group wrote in a note on Tuesday that it assigns a 65% likelihood of U.S. military strikes against Iran by the end of April.

Attention is also turning to U.S. supply data, with the American Petroleum Institute set to publish its weekly inventory figures later Wednesday, followed by official statistics from the Energy Information Administration on Thursday.

A Reuters survey indicated that analysts expect U.S. crude stockpiles to have risen last week, while gasoline and distillate inventories likely declined.

Forecasts suggest crude inventories increased by about 2.3 million barrels in the week to February 13. Gasoline stocks are projected to have fallen by roughly 200,000 barrels, while distillate inventories — including diesel and heating oil — are seen dropping by around 1.6 million barrels.

Meanwhile, Ukrainian and Russian officials wrapped up the first day of U.S.-facilitated peace talks in Geneva on Tuesday, as President Donald Trump urged Kyiv to move swiftly toward a settlement to end the four-year war.

“Any shift in that geopolitical axis could add risk premium (to prices),” Sachdeva added.

Gold prices recovered in Asian trading on Wednesday, rebounding after a drop of more than 2% in the previous session as investors moved to buy on weakness. Market participants are also awaiting further guidance on the Federal Reserve’s policy outlook.

Spot gold climbed 1.2% to $4,934.16 per ounce by 00:58 ET (05:58 GMT), while U.S. gold futures rose 1% to $4,954.91 per ounce.

Trading activity in Asia remained subdued, with several major markets closed for the Lunar New Year holiday, keeping volumes light and limiting broader volatility.

The precious metal had fallen sharply on Tuesday as improving risk sentiment—driven by indications of progress in U.S.–Iran negotiations—reduced demand for traditional safe-haven assets.

Progress in US-Iran talks; Fed minutes awaited

Reports indicated that Washington and Tehran had agreed on key “guiding principles” for continued discussions, boosting optimism about a diplomatic breakthrough and weighing on bullion’s appeal.

Gold’s earlier losses were exacerbated by a stronger U.S. dollar, which makes the metal more expensive for buyers using other currencies, as well as fading expectations for imminent U.S. interest-rate cuts.

The U.S. Dollar Index edged up 0.1% during Asian hours, following a 0.3% gain in the prior session.

Investors are now looking ahead to the release of minutes from the Federal Reserve’s January meeting later in the day, which may shed light on the timing and scope of any future monetary easing.

Attention is also centered on Friday’s U.S. personal consumption expenditures (PCE) price index for December, the Fed’s preferred inflation measure, which could influence expectations around interest rates.

Higher borrowing costs typically pressure non-yielding assets such as gold, while expectations of lower rates tend to provide support.

Broader metals rally; silver jumps

Elsewhere in the metals complex, prices also advanced.

Silver surged nearly 3% to $75.77 per ounce, and platinum gained 2% to $2,060.60 per ounce.

On the London Metal Exchange, benchmark copper futures rose 1% to $12,705.20 per ton, while U.S. copper futures added 0.3% to $5.69 per pound.

Britain’s annual inflation rate eased significantly in January, reinforcing expectations that the Bank of England could lower borrowing costs at its upcoming March meeting. Consumer price inflation rose 3.0% year over year in January, down from 3.4% in December and marking the lowest reading since March 2025.

December’s figure had edged up from 3.2% in November, representing the first increase in five months. The latest pullback suggests that price pressures may be softening more decisively at the start of the year.

While inflation remains above the Bank of England’s 2% target, policymakers signaled at their February meeting that additional rate reductions could be on the table later this year. Officials expect inflation to return to the 2% goal by spring, and potentially more quickly than earlier projections suggested.

On a monthly basis, the consumer price index fell 0.5% in January after posting a 0.4% gain in December. Core CPI, which strips out volatile food and energy costs, declined 0.6% month over month. On an annual basis, core inflation eased to 3.1% from 3.2% in December.

“Overall, the print strengthens the case for a potential Bank of England rate cut at its March meeting, particularly after recent data showed softer wage growth and rising unemployment,” said Lale Akoner, global market analyst at eToro. “However, policymakers remain divided, and sticky services inflation could keep the debate finely balanced. If inflation falls mainly on energy and base effects, the Bank of England may cut cautiously rather than aggressively.”

Separate data released Tuesday showed that U.K. annual wage growth excluding bonuses slowed to 4.2% in the final three months of 2025 compared with a year earlier. The central bank closely monitors pay trends as an indicator of how persistent above-target inflation might be.

Earlier this month, the Monetary Policy Committee voted 5-4 to keep interest rates unchanged at 3.75%, the lowest level since early February 2023. The narrow split underscored ongoing divisions among policymakers over the appropriate pace of easing.

“It’s no secret that inflation will decline steeply in April, perhaps to below 2.0%, as this is when the raft of rises in government-set prices and taxes in 2025 drop out of the annual comparison,” analysts at Capital Economics wrote in a note. “And if we are right in thinking that CPI inflation will average 1.8% in Q4 of this year, then the MPC may ultimately end up cutting rates further than investors expect, to 3.0% this year, with the chances of the next rate cut happening in March rather than our current forecast of April edging higher.”

Delta Gold Technologies PLC (AQSE:DGQ) has completed a £1,922,500 capital raise through a direct subscription, issuing 5,492,853 new ordinary shares priced at 35p each, the company said Tuesday.

The newly issued shares account for approximately 8.51% of the group’s enlarged share capital. Investors participating in the subscription will receive one warrant for every two shares purchased, resulting in 2,746,425 warrants in total. Each warrant carries an exercise price of 50p per ordinary share.

The warrants are subject to an acceleration provision, which would be triggered if the company’s volume-weighted average share price exceeds 70p over any 10 consecutive trading days. They will lapse two years after the subscription shares are admitted to trading on the Aquis exchange.

The company confirmed that Purebond Ltd has joined the shareholder register as part of the fundraising. Proceeds will be directed toward expanding and accelerating university-based research partnerships and collaborations, alongside supporting general working capital needs.

“We are delighted by the strong support from new and existing shareholders,” said R. Michael Jones, Chief Executive Officer of Delta, according to the company’s press release. He added that Delta is broadening its academic network beyond its existing relationship with the University of Toronto to include Penn State University.

Admission of the new shares to trading on Aquis is anticipated on or around February 20, 2026. Upon completion, Delta’s total issued share capital is expected to consist of 64,501,507 ordinary shares with a nominal value of 0.2p each.

More about Delta Gold Technologies

Delta Gold Technologies is focused on building and commercializing intellectual property within the quantum computing field, with a particular concentration on nano-scale gold and advanced material applications.