Crude oil prices rose on Monday as negotiations between the US and Iran reached a stalemate, with no immediate prospect of reopening the Strait of Hormuz. Gold prices climbed as investors assessed the "life support" status of the US-Iran ceasefire. Copper extended last week's gains, closing at a record high.

Oil: Prices Rise as Trump Describes Ceasefire on 'Life Support' Oil prices advanced after US President Donald Trump stated that the fragile ceasefire between the US and Iran was on "life support," signaling that the blockage of the Strait of Hormuz may persist. Brent crude rose 2.9%, settling around $104 per barrel, its highest level in nearly a week. Trump met with his national security team to discuss next steps in the Middle East conflict, including the potential resumption of military operations. Speaking to reporters at the White House on Monday, Trump said, "I would say that ceasefire is on life support right now." According to a Fox News report, Trump also mentioned considering restarting the "Freedom Plan." Traders interpreted this potential move as indicating low US confidence in Iran reopening the critical waterway in the near term. Following the surge in energy prices due to the Strait of Hormuz blockage, Trump on Monday expressed support for a gasoline tax holiday to mitigate the impact of rising oil costs. Prices had spiked earlier after Trump rejected Tehran's latest peace proposal. "The market had expected more positive outcomes from certain diplomatic channels," said Emily Ashford, Head of Energy Research at Standard Chartered, in an interview. "But we are still at an impasse. Every day and week this continues means more lost crude supply." June WTI crude rose 2.8%, settling at $98.07 per barrel. July Brent crude rose 2.9%, settling at $104.21 per barrel.

Precious Metals: Gold Advances, Silver Soars Gold prices increased on Monday after US President Donald Trump described the US-Iran ceasefire as on "life support." As traders assessed the latest setback in US-Iran talks and the prospects for reopening the Strait of Hormuz, gold prices rose as much as 0.7%, erasing an earlier decline of up to 1.4%. "Gold continues to trade in a wide sideways range as the market remains caught between geopolitical anxiety and heightened inflation concerns," said Phillip Nova Pte Ltd. analyst Priyanka Sachdeva in a report. This combination could leave gold "directionless despite extreme volatility in global markets." Silver surged more than 7%, marking its biggest gain in over a month. Analysts noted that technical signals attracted fresh buying, including from hedge funds and other leveraged investors who had been on the sidelines in recent weeks. Ryan McKay, Senior Commodity Strategist at TD Securities, said trend-followers were also buying amid silver's strength. As of 4:52 PM New York time, spot gold was up 0.4% at $4,733.90 per ounce. Silver was up 7.1% at $86.05. Platinum and palladium also rose. The Bloomberg Dollar Spot Index gained 0.1%.

Base Metals: Copper Rallies Copper prices posted their biggest gain in over a month, approaching intraday record highs, undeterred by the apparent deadlock in US-Iran negotiations. All major metal contracts on the London Metal Exchange advanced. Despite Middle East turmoil, metals from copper to zinc have remained resilient, partly due to signs of demand outstripping supply. "The market has shaken off the impact of the US-Iran conflict. Copper now has its own distinct price trend," said Jia Zheng, Trading Director at Suzhou Chuangyuan Ying Capital Management Co., attributing this mainly to factors like supply tightness and declining inventories. Copper rose 2.7% to settle at $13,943 per ton, setting a new record closing price and surpassing the previous high of $13,618 set on January 29.

London Metal Exchange prices at the close: LME copper rose 2.7% to $13,943 per ton. LME aluminum rose 2.2% to $3,579.5 per ton. LME zinc rose 1.5% to $3,480 per ton. LME nickel rose 1.9% to $19,253 per ton. LME tin rose 3.4% to $55,708 per ton. LME lead rose 0.6% to $1,987.5 per ton.