[MARKET ANALYSIS] Oil prices gained after Trump rejected Iran's proposal to open the Strait of Hormuz, but expects talks to resume this week

WTI/Brent: WTI Nov'26 +0.9% / Brent Dec'26 +1.0% Oil prices were lifted at the open after US President Trump rejected Iran's 7-day peace proposal to reopen the Strait of Hormuz, although he expects talks to resume this week, while it was also reported that Yemeni Houthis targeted Riyadh and flight landings were disrupted at King Khalid International Airport following explosions heard in Saudi Arabia. Gold: -1.7% Sold off amid higher yields and hawkish Fed bets, while the pressure coincided with a drop across the metals complex and was led by silver, which dropped as much as 3%. Copper: -1.5% Retreated alongside the selling in metals and with prices also not helped by the ultimately mixed risk appetite.