[MARKET ANALYSIS] Oil futures slumped at the start of the week after President Trump cancelled a 'massive' strike on Iran and touted a Strait of Hormuz deal with negotiations to begin on Monday afternoon

WTI/Brent: WTI Sep'26 -5.0% / Brent Oct'26 -4.7%Oil futures slumped at the start of the week, with WTI briefly falling beneath USD 79/bbl after US President Trump announced over the weekend that he cancelled strikes on Iran at the request of the latter and other Middle East countries, subject to making a rapid deal, while he touted a deal on Hormuz and said negotiations will begin on Monday afternoon.Gold: +0.3%Gapped higher to start the week as oil prices dropped, but then gradually pared the majority of the gains.Copper: +0.9%Prices were supported by the geopolitical relief, but with gains capped amid the mixed risk appetite, while participants also digest disappointing Chinese RatingDog Manufacturing PMI data.