(Bloomberg) — Miners kept Europe’s stock benchmark afloat on Monday after prices for copper and gold surged to all-time highs. Oil held gains as the market watched for any fallout from political ructions in two of the world’s major crude producers.

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The Stoxx Europe 600 Index was little changed, with the basic resources sector outperforming while car makers and technology stocks lagged. Futures on the S&P 500 and Nasdaq 100 edged higher. The MSCI AC Asia Pacific Index advanced for a seventh day, with the materials sector posting the biggest percentage increase.

The timing of the Fed’s likely pivot to rate cuts has shaped trading across financial markets in recent days. The Dow Jones Industrial Average of blue chips closed above 40,000 for the first time on Friday, and optimism about US easing helped gold surge to an all-time high on Monday.

Investors are keeping an eye on the Middle East after Iranian President Ebrahim Raisi and the nation’s Foreign Minister died in a helicopter crash. There are also concerns over the health of Saudi Arabia’s king.

Bloomberg’s dollar index was flaty after dropping last week when data showed US inflation eased more in April than economists expected. Treasury yields were steady. A number of Fed officials are due to speak this week, including Governor Christopher Waller who is set to talk specifically about the US economy and monetary policy.

Copper surged to its highest-ever level, extending a months-long rally driven by investors who’ve piled into the market in anticipation of deepening supply shortages. Futures on the London Metal Exchange jumped past $11,000 for the first time.

Developments in the Middle East have the potential to spur haven demand, even though oil posted only slight gains on Monday.

The Iranian president’s death comes at a time of turmoil in the Middle East as the war in Gaza between Israel and Hamas rages. The conflict has edged Iran, which backs the Islamist militant group, and Israel closer to all-out conflict. Raisi was seen as a favorite to eventually succeed Supreme Leader Ayatollah Ali Khamenei, who is the Islamic Republic’s top authority.

Saudi Arabia’s King Salman Bin Abdulaziz will receive treatment for a lung condition, according to the state-run Saudi Press Agency. King Salman has led the world’s largest oil exporter since 2015. His son Crown Prince Mohammed bin Salman was set to meet Prime Minister Fumio Kishida, Japan’s government spokesman said the trip had been postponed.

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“While risk sentiment seems positive in Asia morning there could still be lingering fear that tensions in the Middle East could worsen and that can keep the crude prices a tad underpinned for now,” Maybank analysts including Saktiandi Supaat and Fiona Lim wrote in a note.

The week’s agenda includes economic activity readings in Europe as well as inflation prints in the UK, Canada and Japan. Policy decisions in New Zealand, Indonesia, South Korea and Chile are also due, while Nvidia Corp. is set to report earnings.

Some key events this week:

• BOE Deputy Governor Ben Broadbent speaks on monetary policy transmission, Monday

• Chile GDP, Monday

• Reserve Bank of Australia issues minutes of May policy meeting, Tuesday

• Canada CPI, Tuesday

• Fed Governor Christopher Waller speaks on the US economy and monetary policy, Tuesday

• BOE Governor Andrew Bailey delivers a lecture, Tuesday

• New Zealand rate decision, Wednesday

• Indonesia rate decision, Wednesday

• South Africa CPI, Wednesday

• UK CPI, Wednesday

• FOMC minutes from April 30-May 1 policy meeting, Wednesday

• Singapore CPI, GDP, Thursday

• South Korea rate decision, Thursday

• India S&P Global Manufacturing & Services PMI, Thursday

• Eurozone S&P Global Services PMI, S&P Global Manufacturing PMI, consumer confidence, Thursday

• US new home sales, initial jobless claims, Thursday

• Chile rate decision, Thursday

• Japan CPI, Friday

• Germany GDP, Friday

• Malaysia CPI, Friday

• US durable goods, University of Michigan consumer sentiment, Friday

Some of the main moves in markets:

Stocks

• The Stoxx Europe 600 was little changed as of 8:16 a.m. London time

• S&P 500 futures were little changed

• Nasdaq 100 futures rose 0.2%

• Futures on the Dow Jones Industrial Average were little changed

• The MSCI Asia Pacific Index rose 0.4%

• The MSCI Emerging Markets Index rose 0.2%

Currencies

• The Bloomberg Dollar Spot Index was little changed

• The euro was little changed at $1.0871

• The Japanese yen was unchanged at 155.65 per dollar

• The offshore yuan was little changed at 7.2381 per dollar

• The British pound was little changed at $1.2696

Cryptocurrencies

• Bitcoin rose 0.8% to $66,685.38

• Ether rose 0.4% to $3,087.98

Bonds

• The yield on 10-year Treasuries was little changed at 4.42%

• Germany’s 10-year yield was little changed at 2.52%

• Britain’s 10-year yield was little changed at 4.13%

Commodities

• Brent crude rose 0.4% to $84.29 a barrel

• Spot gold rose 1.1% to $2,442.22 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Richard Henderson, Matthew Burgess and Hideyuki Sano.

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