[MARKET ANALYSIS] Oil prices swung between gains and losses amid mixed headlines regarding US-Iran talks in Switzerland

WTI/Brent: WTI Aug'26 -0.1% / Brent Aug'26 -1.4%

• Oil prices saw two-way price action with initial upside at the open following reports over the weekend that Iran said it closed the Strait of Hormuz to shipping traffic again, while Iran was also said to have halted talks with the US in Switzerland in protest of US President Trump's threats to resume bombing on Iran. Nonetheless, the moves were then reversed, and oil prices slipped into negative territory after the latest reports provided some optimism with Qatari and Pakistani mediators issuing a joint statement that noted talks were conducted in a positive, constructive atmosphere and that technical talks are to continue for the remainder of the week, while Iranian Foreign Minister Araghchi also flagged major progress.

Gold: +0.8%

• Rebounded from last week's trough and briefly reclaimed the USD 4,200/oz level as oil prices pulled back alongside the more encouraging geopolitical updates.

Copper: -1.1%

• Price action is choppy amid the ultimately mixed risk appetite, while China added US firms to its export control list and decided to take relevant measures against 46 US companies in government procurement activities.