[MARKET ANALYSIS] Oil surged after US-Iran talks failed and Trump announced a US naval blockade for the Strait of Hormuz

WTI/Brent: WTI Jun'26 +6.5% / Brent Jun'26+6.8%

• Oil prices surged at the reopen with Brent crude climbing back above the USD 100/bbl level following the failure of US-Iran talks in Islamabad and with the US to begin a naval blockade in the Strait of Hormuz from Monday 15:00BST/10:00EDT.

Gold: -0.5%

• Retreated amid a firmer dollar and surge in oil prices, but is well off the initial lows after rebounding from a brief dip beneath the USD 4,700/oz level.

Copper: -1.3%

• Declined as risk appetite was pressured following the stalemate in US-Iran talks over the weekend, while reports also noted that President Trump and advisers are weighing resuming limited strikes in Iran, in addition to the US blockade, to break the stalemate in peace talks.