[MARKET ANALYSIS] Oil prices are kept afloat in range-bound trade amid a lack of fresh major geopolitical developments, while US VP Vance downplayed the Iran conflict and wouldn't call it a war

WTI/Brent: WTI Oct'26 +0.7% / Brent Nov'26 +0.5%

• Oil prices are kept afloat but with gains capped following the previous day's two-way trade and with a lack of major new geopolitical developments, while US VP Vance said during a White House briefing that he would not call the Iran operation a war and declined to offer a timeline for an end to the conflict.

Gold: +0.2%

• Takes a breather after extending its rebound yesterday to briefly return to above the USD 4,500/oz level amid a weaker dollar, while attention turns to the latest US jobs data to provide potential clues on Fed policy.

Copper: +0.4%

• Gradually edged higher with prices mildly supported alongside the positive risk sentiment.

Range-bound crude sessions after a geopolitical shock typically mark the market's transition from headline-driven repricing to risk-premium management: without fresh escalation or confirmed supply disruption, the conflict premium tends to erode gradually rather than collapse outright, with two-way trade reflecting the difficulty of pricing an open-ended operation. Administration rhetoric that downplays a conflict while declining to give an end date is a familiar pattern in these episodes; such statements have historically softened the tail pricing without removing it, since the relevant variable remains physical flows through any affected chokepoint and associated freight and insurance costs rather than official characterisation. Gold's pause after a rebound fits its established sequence in conflict-adjacent episodes: an initial safe-haven leg, followed by consolidation once the shock stops widening, with the dollar and real-rate channel reasserting itself as the dominant driver. The pivot of attention to US labour data is itself the tell that the geopolitical bid has stalled, returning pricing to the Fed path differential. Copper tracking broader risk sentiment rather than the conflict is consistent with its role in past episodes as the growth-beta metal, unmoved by Middle East risk unless supply routes are implicated. Watch whether official language shifts from denial of duration to an exit framework, and whether the next jobs print moves front-end expectations enough to displace the geopolitical narrative entirely.