Copper prices climbed during Monday trading to their highest levels in more than three months, as growing supply shortage concerns outweighed demand fears amid the ongoing stalemate surrounding the Iranian war.

Benchmark three-month copper on the London Metal Exchange rose 1.3% to $13,573 per metric ton by 10:30 GMT, marking its strongest level since January 29.

The industrial metal is now on track for a sixth consecutive session of gains, its longest winning streak since December.

Copper has gained around 10% since the start of the year, supported by concerns over supply disruptions and falling production at several major mines worldwide.

Despite the strong rally, copper prices remain below the record highs the metal reached in January.

Bitcoin opened trading on Monday at $82,164.43, marking its strongest opening price since January 31. By 7:16 a.m. Eastern Time, Bitcoin had slipped to $80,971.89.

Ethereum opened trading at $2,369.40, its highest opening level since April 27. Ethereum later eased to $2,331.11 during morning trading by 7:16 a.m. Eastern Time.

Global markets continue to digest the latest developments in the Middle East after US President Donald Trump firmly rejected Iran’s response to the American peace proposal, describing it in a post on Truth Social as “totally unacceptable.”

Monday morning saw gold prices decline, while oil prices rose, US stock futures stabilized, and US Treasury yields moved higher. As for the world’s two largest cryptocurrencies, Bitcoin continues to hover near the $82,000 level but is struggling to maintain stability above it for extended periods, while Ethereum continues to show resilience near the $2,300 mark.

Bitcoin traded 1.9% higher on Monday morning compared to Sunday’s opening. Its opening price also rose 4.6% compared to last week and 12.6% from a month ago, though it remains down 21.5% compared to the same period last year.

Bitcoin reached its all-time high of $126,198.07 on October 6, 2025, while its all-time low stood at $0.04865 on July 14, 2010.

Meanwhile, Ethereum rose 1.8% on Monday morning compared to Sunday’s opening. Its opening price increased 2% from last week and 5.5% from last month, while remaining down 8.3% year-on-year.

Ethereum’s all-time high reached $4,953.73 on August 24, 2025, while its all-time low was recorded at $0.4209 on October 21, 2015.

Bitcoin is a type of cryptocurrency that exists only in digital form and operates without direct government or banking oversight. Unlike traditional currencies such as the US dollar, euro, or Canadian dollar, Bitcoin has no physical version and is issued independently of governments.

Bitcoin relies on a public digital ledger known as the blockchain, which records transactions and verifies ownership. The system is decentralized and distributed across a global network of servers.

Decentralization is considered one of the core features of cryptocurrencies, allowing direct transactions between users without the need for banking intermediaries, while also offering greater security and reducing manipulation risks.

In 2026, Bitcoin can be purchased through several channels, including cryptocurrency exchanges, fintech applications, and traditional brokerage firms offering access to Bitcoin-linked exchange-traded funds.

Experts advise investors to determine before buying whether they want to directly own the cryptocurrency and its private keys, or simply gain price exposure through regulated and more accessible investment products.

Despite growing institutional interest in digital assets, Bitcoin is still considered a highly risky and volatile asset compared to many other investment classes, with prices capable of experiencing sharp swings over short periods and without warning.

Oil prices climbed on Monday after US President Donald Trump described Iran’s response to the American peace proposal as “unacceptable,” raising supply concerns as the Strait of Hormuz remains almost completely closed, keeping global oil markets under pressure.

Brent crude futures rose by $2.70, or 2.67%, to $103.99 per barrel by 09:02 GMT. US West Texas Intermediate crude also climbed to $97.66 per barrel, up $2.24, or 2.35%. Earlier in the session, the two benchmarks touched $105.99 and $100.37 per barrel respectively.

Both benchmarks posted weekly losses of around 6% last week amid hopes for a near-term end to the 10-week conflict, which could allow oil shipments through the Strait of Hormuz to resume.

John Evans, analyst at PVM Oil Associates, said: “Reassuring statements about ongoing backchannel communications and talks between the parties do not change our view that the United States and Iran remain as far from an agreement as they were when this so-called ceasefire began.”

He added: “We do not expect any major change before Donald Trump’s visit to China and his request for Beijing’s help in pressuring Iran.”

Trump is scheduled to arrive in Beijing on Wednesday, where he is expected to discuss the Iranian file alongside other issues with Chinese President Xi Jinping, according to US officials.

Saudi Aramco CEO Amin Nasser said on Sunday that the world has lost nearly one billion barrels of oil over the past two months, adding that energy markets would need time to stabilize even if oil flows resume.

Evans added: “We continue to maintain our bullish outlook, and we agree with Saudi Aramco’s view that even if the Hormuz crisis is resolved and the strait reopens, it will take several months for oil supplies to normalize.”

Meanwhile, trade sources told Reuters that Saudi crude exports to China are likely to decline further in June after buyers reduced requested volumes due to higher prices linked to the US-Iran conflict and tighter supplies.

At the same time, data from shipping tracker Kpler showed that three crude oil tankers exited the Strait of Hormuz last week and on Sunday with their tracking systems switched off to avoid Iranian attacks. One of the tankers was carrying Iraqi crude bound for Vietnam.

Japan’s industry ministry also announced that a tanker carrying Azerbaijani crude is expected to arrive as early as Tuesday, marking the first Central Asian oil shipment to arrive since the outbreak of the war with Iran.

Analysts at ANZ Bank expect Brent crude to remain above $90 per barrel through 2026 and trade between $80 and $85 per barrel during 2027, supported by recovering demand growth and gradual inventory rebuilding.

In an attempt to hedge against price volatility and secure revenues, Diamondback Energy purchased options contracts allowing it to sell the spread between US WTI crude and Brent crude at around negative $42 per barrel over the coming months, in a bet that could generate gains if the United States decides to ban oil exports.

Such a scenario would likely lead to rising domestic inventories because US refineries typically process less local crude than total production, potentially pressuring WTI prices and widening the price gap with Brent crude.

The US dollar traded steady on Monday after US President Donald Trump rejected Iran’s response to the American peace proposal, pushing oil prices higher and reviving concerns that the Middle East conflict could continue for a longer period.

The US dollar index, which measures the performance of the US currency against a basket of six major currencies, was little changed at 97.995.

Meanwhile, oil prices surged, with Brent crude futures rising 3.6% to $104.94 per barrel after Trump rejected Iran’s response to the US peace proposal on Sunday, increasing fears that the war, now in its tenth week, could drag on further.

Despite that, markets are still betting on the possibility of a settlement to the conflict, according to Kenneth Broux, head of corporate research for FX and rates at Societe Generale.

Broux said: “I think the reason behind this optimism is China’s involvement,” adding that the upcoming US-China summit later this week is the key event for markets given both countries’ influence in the Middle East.

Markets Await Trump-Xi Summit

Trump and Chinese President Xi Jinping are expected to discuss Iran, Taiwan, artificial intelligence, nuclear weapons, and critical minerals, according to US officials.

Markets also remain focused on inflation concerns and slowing economic growth caused by higher oil prices, in addition to potential central bank responses, Broux added.

This week, investors are awaiting US April inflation data following Friday’s US jobs report, which showed the economy added 115,000 jobs during April, nearly double market expectations.

Those figures strengthened expectations that the Federal Reserve will keep interest rates unchanged for some time.

The Federal Reserve kept interest rates steady last month as expected, though the decision revealed the deepest internal division within the central bank in decades after three officials opposed signaling the possibility of future rate cuts.

Alex Loo, macro strategist at TD Securities in Singapore, said factors that could pressure the dollar “have become less clear following hawkish comments from some Fed officials, strong US economic data, and continued deadlock in the Middle East.”

Chinese Yuan Hits Strongest Level in More Than Three Years

In other currency markets, the Chinese yuan touched its strongest level against the US dollar in more than three years during Monday trading before the offshore yuan stabilized at 6.7928 per dollar.

Data released earlier Monday showed China’s producer prices rose more than expected in April, reaching the highest levels in 45 months amid rising global energy costs.

That followed weekend data showing Chinese export growth accelerated last month as factories rushed to meet AI-related demand.

The euro slipped 0.1% to $1.1774, while the Japanese yen weakened 0.3% to 157.11 per dollar, and the British pound fell 0.23% to $1.36.

In the UK, markets are closely monitoring the political fallout from recent local election results, which dealt heavy losses to Prime Minister Keir Starmer’s Labour Party.

Chris Turner, global head of markets at ING, said in a note: “Although Labour’s losses were not as severe as markets feared, they have not ended speculation about a potential leadership challenge or a broader shift by the government toward more left-wing policies.”