[MARKET ANALYSIS] Crude nurses opening losses as Iran dismisses Trump’s posts

Crude oil prices experienced volatility as geopolitical tensions surrounding the Strait of Hormuz influenced the market.

Newsquawk StaffPublished 4 May 2026, 02:13 UTCOn the live feed at 01:53 UTC — 3 more headlines followed before this page went public

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[MARKET ANALYSIS] Crude nurses opening losses as Iran dismisses Trump’s posts

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[MARKET ANALYSIS] Bonds move with oil prices; Bunds play catch up following Labour Day on Friday

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[MARKET ANALYSIS] Choppy trade in the JPY whilst AUD awaits tomorrow’s RBA

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Crude futures initially gapped lower after Axios reported that the US sent on Sunday another amended draft for an agreement to end the war in response to Iranian officials' latest proposal. Further, US President Trump, before the open, announced that the US will guide neutral ships safely out of the Strait of Hormuz under “Project Freedom”, beginning Monday morning Middle East time, and several countries have asked the US to help free ships locked up in the Strait of Hormuz. However, prices then rebounded after the head of the national security commission of the Iranian parliament said any American interference in the new maritime regime of the Strait of Hormuz will be considered a violation of the ceasefire. Brent initially fell under USD 106/bbl before stabilising above USD 108.00/bbl.
Spot gold is subdued despite resuming trade on a firmer footing, with the yellow metal weighed on by the modest recovery in the DXY alongside oil prices. Spot gold briefly dipped under USD 4,600/oz.
Copper futures are softer with CME copper lower amid the aforementioned energy price action. As a reminder, LME is closed today amid the UK Bank Holiday.

Context

Iran's dismissal of U.S. President Trump's maritime safety initiative adds to uncertainties, causing initial losses for crude futures, but the rebound suggests some stabilization as traders weigh the complex dynamics. This situation underscores the delicate balance of supply security in the region, which could impact energy prices and broader market sentiment going forward.

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