[MARKET ANALYSIS] Oil prices surged following the reclosure of the Strait of Hormuz

WTI/Brent: WTI Jun'26 +5.1% / Brent Jun'26 +4.8%

• Oil prices surged at the reopen after Iran announced the reclosure of the Strait of Hormuz on Saturday, following a brief reopening and with reports that several vessels were attacked, while the US intercepted and took custody of an Iranian-flagged vessel. However, oil prices are off the opening highs as US President Trump also announced that US negotiators will be arriving in Islamabad on Monday evening for the next round of negotiations, although there have been conflicting reports on whether Iran will attend the talks.

Gold: -0.7%

• Gapped lower beneath the USD 4,800 level amid pressure as oil prices rose, but has since pared much of the earlier losses and reclaimed the aforementioned level.

Copper: -0.5%

• Retreated amid the initial spooked risk sentiment, but then gradually recouped most of the lost ground as Asia-Pac mostly shrugged off the geopolitical escalation.