[MARKET ANALYSIS] Crude futures gain as US agreement to Iran's proposal becomes unlikely

Crude futures trade on a firmer footing following reports coming out of the Situation Room meeting. The meeting was called upon following Iran’s 3-stage peace proposal announced on Monday. US officials told Reuters that US President Trump was unhappy with Iran’s proposal, with more recent reporting by CNN confirming his disappointment. CNN’s sources report also added that Trump is unlikely to accept Iran’s plan, which lifted WTI and Brent futures to session highs of USD 79.41/bbl and USD 109.25/bbl respectively.
Precious Metals have come under pressure in recent trade, with spot gold slipping to USD 4670/oz from a peak of USD 4701/oz amid the firmer dollar, driven by geopols.
3M LME Copper initially traded either side of USD 13.25k/t before slipping below USD 13.2k/t amid the softening in the global risk tone.