[MARKET ANALYSIS] Commodities saw two-way price action after Trump threatened to destroy all of Iran's power plants if they don't reopen the Hormuz by Tuesday evening, while Iran exempted Iraq from shipping restrictions

WTI/Brent: WTI +0.1% / Brent +1.3%

• Oil prices gained at the reopening as markets reacted to US President Trump's threat over the weekend to destroy all of Iran’s power plants if the country’s leaders don’t agree to reopen the Strait of Hormuz by Tuesday evening. However, oil prices gradually gave back the gains as participants also reflected on other recent headlines including the announcement that Iran's military exempted Iraq from shipping restrictions in the Strait of Hormuz and that a Suezmax oil tanker hauling about 1mln barrels of Iraqi crude exited the Persian Gulf, while it was also reported that Trump told Fox News that he believes he can get a deal with Iran by Monday and said that Iran is negotiating now.

Gold: -0.5%

• Initially slumped as oil prices climbed and the dollar rose very early in the session, but then rebounded off support at the USD 4,600/oz level, which coincided with a broad reversal across most asset classes.

Copper: +1.1%

• Ekes mild gains on return from the 3-day closure amid the mostly constructive overnight mood.