[MARKET ANALYSIS] Crude futures rangebound despite the US retaliation strikes; Spot Gold -2% heading into US CPI

In Geopolitics, The US and Iran exchanged fire following the downing of a US Apache helicopter over the Strait of Hormuz. Iran's IRGC struck a US base in Jordan and 21 other targets in the Gulf, after the US hit Iranian air defence, ground control stations and surveillance radar sites near Hormuz. Sounds of explosions were reported in Qeshm Island and the port city of Sirik, while explosions were heard near Bandar Abbas and Jask. Following the initial exchange of missiles, US CENTCOM announced in the early hours of Wednesday that they have ended its self-defence strikes against Iran.
Crude futures trade around the unchanged mark despite the US-Iran strikes. WTI Jul'26 oscillates in a USD 87.61-90.00/bbl range while Brent Aug'26 rotates in a USD 90.80-93.26/bbl band. Saxo's chief investment strategist says, "Geopolitics is being treated as a headline risk, not a macro shock for now. Oil holding around USD 90 despite fresh Iran headlines suggests markets are not pricing a sustained supply disruption."
Precious metals continue to trade under pressure. Spot gold slips below the USD 4200/oz handle, at the lower end of its USD 4161-4258/oz range. The yellow metal has been under pressure in recent sessions, which was initially spurred by the stronger-than-expected US jobs report last Friday. The US inflation print at 13:30BST/08:30EDT will be a highly-watched data point for metals traders, another hot print could spur further downside. The next level below market is the USD 4099/oz low from March 23rd.
3M LME Copper traded rangebound throughout the Asia-Pac session but is currently extending to lows, slipping below the USD 13.5k/t mark. Chinese inflation failed to move the red metal, after headline inflation held at 1.2% Y/Y but was cooler than the expected 1.3%.