Oil prices climbed following a US maritime blockade on Iran, although signs that negotiations between Washington and Tehran might persist capped the gains. Aluminum prices surged to a four-year high, driven by concerns over potential further supply disruptions. Rising inflation worries contributed to a slight decline in gold prices. Crude Oil: US Blockade of Iranian Ports Lifts Prices, Ceasefire Hopes Limit Advance Oil prices advanced as the US blockade of Iranian ports threatened to further tighten global crude supplies, though indications that ceasefire talks could continue restricted the upward movement. Brent crude rose 4.4% to settle at $99.36 per barrel, while May WTI gained 2.6% to close at $99.08 per barrel. Despite significant uncertainties surrounding the implementation and enforcement of the US maritime blockade in the Strait of Hormuz, this military action tests a fragile ceasefire and could constrain the limited flow of Gulf crude that has continued since the conflict began. However, with rising trading costs and diminished market liquidity, futures markets have become more susceptible to news-driven volatility, and oil settled near its daily lows. Following the collapse of weekend peace talks, former President Trump stated on Monday that Iran desired a deal, a claim that helped limit the price increase. Iran had not confirmed by Monday whether negotiations would continue. The US blockade of the Strait of Hormuz prompted threats from Iran of strikes against ships and ports. The ongoing Middle East conflict continues to unsettle energy markets, with high oil prices potentially fueling inflation and hampering economic growth. The head of the International Energy Agency stated on Monday that oil prices have not yet reflected the severity of the unprecedented supply crisis caused by the Iran war but would likely do so soon. May WTI crude gained 2.6%, settling at $99.08 per barrel. June Brent crude rose 4.4%, settling at $99.36 per barrel. Base Metals Aluminum prices soared to their highest level in four years after former US President Donald Trump's blockade of Iranian ports raised the prospect of further maritime disruptions. London aluminum prices climbed 3.1%, reigniting a rally initially sparked by supply shortages resulting from the Middle East war. The Middle East accounts for approximately 9% of global aluminum production. The region's largest producer, Emirates Global Aluminium, invoked force majeure on at least some orders earlier this month after an Iranian attack halted operations at a smelter. At the close, LME copper was up 1.6% at $13,053.5 per metric ton. LME aluminum advanced 3.1% to $3,607.5 per metric ton. LME nickel increased 2.7% to $17,698 per metric ton. LME zinc declined 0.5% to $3,317 per metric ton. LME tin rose 0.6% to $48,260 per metric ton. LME lead was largely unchanged at $1,922 per metric ton. Precious Metals Growing inflation concerns prompted a modest decline in gold prices, exacerbated by former President Donald Trump's order to blockade the Strait of Hormuz, which intensified the global energy supply shock. Gold fell as much as 2.2%, breaching below $4,650 per ounce, before recovering most of the loss. Trump claimed Iran had contacted the US regarding peace talks, although Tehran had not confirmed that negotiations would continue. Elevated energy prices and shifts in the US Consumer Price Index are redirecting investor focus toward inflation. As of 4:38 PM ET, spot gold was down 0.2% at $4,739.17 per ounce. Spot silver declined 0.5% to $75.5111 per ounce.