[MARKET ANALYSIS] Oil prices are mildly firmer after US and Iran conducted tit-for-tat attacks on vessels in Hormuz

Newsquawk StaffPublished 7 Sept 2026, 02:14 UTCOn the live feed at 01:54 UTC — 2 more headlines followed before this page went public

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[MARKET ANALYSIS] Oil prices are mildly firmer after US and Iran conducted tit-for-tat attacks on vessels in Hormuz

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WTI/Brent: WTI Oct'26 +0.5% / Brent Nov'26 +0.3%

Oil prices mildly gained after the US and Iran conducted tit-for-tat attacks on vessels during the weekend, but with upside capped as it was also reported that Iran's top security official Rezaei said Tehran will declare a restricted zone near the Strait of Hormuz and announce a new shipping route agreed on with Oman in the coming days and weeks.

Gold: -0.4%

Retested the USD 4,400/oz level to the downside following last week's stronger-than-expected US jobs data, which supports the case for the Fed to hike rates this month.

Copper: -0.4%

Price action is choppy in range-bound trade as participants reflect on the recent key market themes including US data, Fed rate expectations and ongoing geopolitical tensions.

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