[MARKET ANALYSIS] Crude futures undecided amid delegation confusion

Crude futures are softer thus far but have clambered off worst levels over US-Iran uncertainty. More recently, reports out of Iran suggest that no delegation has been sent to Islamabad yet, which contradicts earlier reports by Al Jazeera, citing a Pakistani source, that both the Iranian and US teams are present in Islamabad. Both WTI and Brent briefly topped above USD 87/bbl and USD 95/bbl, respectively, before falling back. Other updates include the expectation that US VP Vance arrives in Islamabad on Tuesday for the talks, while President Trump stated that the US blockade will remain in place until a deal is reached. Spot gold continues to trade within its ascending channel but has slipped back below the USD 4800/oz handle (current range: USD 4773-4833/oz). The modest upside seen in the dollar, thus far, is weighing on the yellow metal, with the 50-SMA at 4891 also providing a ceiling for the metal. 3M LME Copper oscillates in a tight USD 13.2k-13.3k/t range amid the mixed risk appetite as markets look to potential US-Iran talks.