[MARKET UPDATE] Oil prices reversed opening gains as participants digested geopolitical headlines and US deal for Russia diesel

WTI/Brent: WTI Nov'26 -1.6% / Brent Dec'26 -1.3% Oil prices saw two-way price action and ultimately reversed opening gains as participants reflected on the geopolitical headlines from over the weekend, including Yemeni Houthis conducting deadly strikes on King Khalid International Airport in Saudi Arabia's capital, while US President Trump was said to be mulling whether the US should join Saudi strikes against Houthis, and he announced an energy ceasefire between Russia and Ukraine, although a White House official walked back on this, stating that Trump's announcement referred to a potential deal. Furthermore, Trump had agreed on a diesel fuel deal with Russia during a call with Russian President Putin on Friday. Gold: +0.5% Edged higher after returning above the USD 4,200/oz level amid a softer dollar and retreat in oil prices. Copper: +0.8% Extends on Friday's rebound with price action unfazed by the mixed risk appetite.