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This morning's rally indeed had no positive news or data support.
Looking at the timeline, it coincides with the opening of U.S. stock futures (6:00). Initially, there was a dip followed by a rapid surge, and now the market is back in the green. Cryptocurrencies also followed with a surge of short positions.
Trump's "ultimatum" has been postponed multiple times, with the latest deadline set for 8 a.m. Wednesday. Meanwhile, 15 ships passed through the Strait of Hormuz in the past 24 hours. Asset markets are showing a split trend: crude oil, the US dollar, and cryptocurrencies are rising, while gold is falling.
Overall, this rebound is most likely a withdrawal of short positions from last Friday. Although the Iran situation hasn't worsened, it hasn't improved either. Brent crude remains high at around 107.7, and gold has started to rebound. I don't believe this upward move can last.