[MARKET ANALYSIS] Crude nurses opening losses as Iran dismisses Trump’s posts

Crude futures initially gapped lower after Axios reported that the US sent on Sunday another amended draft for an agreement to end the war in response to Iranian officials' latest proposal. Further, US President Trump, before the open, announced that the US will guide neutral ships safely out of the Strait of Hormuz under “Project Freedom”, beginning Monday morning Middle East time, and several countries have asked the US to help free ships locked up in the Strait of Hormuz. However, prices then rebounded after the head of the national security commission of the Iranian parliament said any American interference in the new maritime regime of the Strait of Hormuz will be considered a violation of the ceasefire. Brent initially fell under USD 106/bbl before stabilising above USD 108.00/bbl. Spot gold is subdued despite resuming trade on a firmer footing, with the yellow metal weighed on by the modest recovery in the DXY alongside oil prices. Spot gold briefly dipped under USD 4,600/oz. Copper futures are softer with CME copper lower amid the aforementioned energy price action. As a reminder, LME is closed today amid the UK Bank Holiday.