[MARKET ANALYSIS] Oil futures rally following the US-Iran renewed exchange of strikes

WTI/Brent: WTI Aug'26 +4.2% / Brent Sep'26 +4.1%

• Oil prices rallied at the open following the fresh US-Iran strikes over the weekend, which continued overnight, while Iran also announced that the Strait of Hormuz would be closed until further notice, although the US side claimed that vessels had continued to transit through Hormuz.

Gold: -1.1%

• Returned to beneath the USD 4,100/oz level as rising oil prices add to the inflationary pressures, support the dollar, and spur hawkish Fed bets.

Copper: -1.0%

• Retreated amid the mostly risk-off mood following the latest US-Iran exchange of strikes.