Gillian Bowen

So another setback in peace prospects.

The Strait of Hormuz remains blocked.

And a reminder, it normally carries one fifth of global oil and liquefied natural gas shipments through it.

So then what's on the cards for the Australian share market when it opens?

When the ASX futures were last trading, they were down just three points or 0.03%, so a flat start.

On Friday, to remind you, the ASX 200 closed down just 6.9 points to 8,786.5.

It's lost 1.79% for the last five days, but it's virtually unchanged year to date.

Okay, so let's check in on commodities and currencies.

It was a volatile session on Friday for oil prices.

Traders were weighing supply disruptions against the potential restart of peace talks between the US and Iran, which we now know are off.

Brent crude futures settled at $105.33 a barrel, rising 26 cents or about 0.3%.

For the week, Brent gained about 16% and WTI rose nearly 13%.

Copper futures edged down on Friday on worries about continued closures of the Strait of Hormuz.

Gold advanced on Friday, but lingering inflation concerns and the uncertain state of the US-Iran war kept markets on edge.

Gold futures rising 0.4% to US$4,740.90 an ounce.

Okay, taking a look at currencies, the Aussie dollar up 0.35% to 71.53 US cents.

The euro was up 0.33% at 1.1721 US dollars.

Against the Japanese yen, the US dollar was down 0.20% to 159.37 yen.

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Okay, let's head to Wall Street.