WTI crude oil rose above $84.67, while copper prices fell to $5.99 per pound; the two commodities moved in opposite directions that day.

$United States Oil Fund LP(USO.US) saw a slight gain tracking oil prices, while $CNOOC(00883.HK) and $ZIJIN MINING(02899.HK) remained largely unchanged. The upward momentum for oil stems from geopolitical premiums driven by tensions in the Middle East, representing a supply-side disruption; meanwhile, copper reflects weakening demand-side expectations. On the same commodity chart, one is rising due to risk premiums, while the other is declining due to reduced demand expectations.

Notably, the VIX (fear index) remains suppressed at 16.2, and high-yield bond spreads are only at 279 bps—risk appetite has not tightened alongside oil prices, indicating that the market interprets this oil price surge as a localized event rather than a macro-level pricing factor.