[MARKET ANALYSIS] Oil prices extended on gains as the US conducts a third consecutive night of strikes on Iran, while Trump also reinstated the blockade and touted a 20% Hormuz fee

WTI/Brent: WTI Aug'26 +1.6% / Brent Sep'26 +1.1%

• Oil futures extended on gains after rallying yesterday by more than 9% owing to the US-Iran geopolitical escalation, with the US military conducting a third consecutive night of strikes against Iran. Furthermore, US President Trump announced to reinstate the blockade against Iran, touted a 20% Hormuz shipping fee and said they would hit Iran very hard on Monday night and Tuesday, while recent strikes between Saudi Arabia and Yemen also highlighted the risks of the conflict broadening across the region.

Gold: +0.2%

• Lacks firm conviction after briefly slipping beneath the USD 4,000/oz level amid recent dollar strength, upside in yields and higher oil prices.

Copper: +0.4%

• Remains afloat but with upside contained amid the mixed risk appetite, and as participants await the latest Chinese trade data.