Oil prices experienced a significant decline after the United States postponed strikes on Iranian energy facilities. Copper prices advanced as potential signs of easing tensions in the Middle East improved market sentiment. Gold pared earlier losses, while silver also rebounded.

Oil: Prices Plunge as Trump Delays Iran Energy Strikes Crude oil fell sharply, recording one of its largest single-day moves on record. The drop followed U.S. President Donald Trump's decision to postpone military action against Iranian power infrastructure and his statement that his administration had begun discussions to end the conflict, although Iran denied such talks. Both Brent and West Texas Intermediate crude fell more than 14% at one point before recovering some of those losses. After Trump's announcement on Truth Social triggered market volatility, Brent crude closed below $100 per barrel for the first time in nearly two weeks. Trump later indicated that U.S. envoys Witkof and Kushner were negotiating with a senior Iranian official and suggested the two countries could jointly manage the Strait of Hormuz. Iran repeatedly denied that peace talks were underway, which limited further declines in oil prices. The status of potential negotiations remains unclear, but any further clarity could strengthen traders' confidence in a diplomatic resolution and continue to erode the geopolitical risk premium priced into oil. Trump told reporters, "Once a deal is reached, oil prices will fall like a stone." U.S. Energy Secretary Wright expressed a similar view. "News flow remains highly uncertain, and talks are expected to last several days—volatility isn't going away, but the tone of negotiations may begin to cap upside price movement," said Rebecca Babin, Senior Energy Trader at CIBC Private Wealth Group. Fatih Birol, Executive Director of the International Energy Agency (IEA), stated that more than 40 energy assets across nine Middle Eastern countries had suffered "severe or very severe" damage due to the regional conflict, which could lead to continued disruptions in global supply chains even after hostilities end. WTI crude fell 10.3% to $88.13 per barrel. Brent crude declined 11% to $99.94 per barrel.

Base Metals Copper prices rose after U.S. President Trump stated that negotiations with Iran to end hostilities had begun and that strikes on Iranian energy infrastructure would be delayed for five days. Trump's comments triggered market volatility, with London copper posting its largest intraday gain in nearly two months before paring advances following Iranian media reports denying that talks had started. Copper, often viewed as a barometer of global economic health, had earlier fallen to a more than three-month low as Middle East conflict dampened risk appetite and heightened concerns about global inflation and economic growth. At the close, LME copper rose 2% to $12,167 per metric ton. LME aluminum fell 0.5% to $3,199 per ton. LME nickel increased 0.4% to $17,082 per ton. LME zinc gained 0.3% to $3,077.5 per ton. LME tin advanced 1.5% to $43,944 per ton. LME lead edged up 0.1% to $1,899 per ton.

Precious Metals Gold trimmed earlier steep losses after Trump delayed military strikes on Iranian energy infrastructure. Silver also rebounded, recovering more than 10% of its decline. Spot gold briefly turned positive before turning lower again following Iran's denial of ongoing negotiations. "Gold is currently trading like a risk asset, as it has during most periods of high risk aversion over the past two decades," wrote Citigroup analysts in a Monday report. "Given the strong momentum gold has built over the past six months and retail buying activity, this pro-cyclical risk-asset behavior is particularly extreme." As of 4:12 PM Eastern Time, spot gold was down 1.9% at $4,405.76 per ounce. Spot silver rose 1.7% to $69.094 per ounce.