[MARKET ANALYSIS] Oil saw two-way price action after the US struck Iran's Kharg Island key oil export hub but left oil infrastructure intact

WTI/Brent: WTI Apr'26 -0.5% / Brent May'26 +0.5%

• Oil futures are mixed in choppy trade with WTI initially boosted at the open north of USD 100/bbl but then faded the gains and more, as participants reflected on the geopolitical headlines from over the weekend in which the US conducted strikes on military targets in Iran's Kharg Island, where Iran exports up to 90% of its oil products from, but left oil infrastructure intact.

Gold: -0.1%

• Lacks direction with price action oscillating through the USD 5,000/oz level ahead of this week's busy central bank schedule.

Copper: -0.3%

• Rebounded from Friday's lows, but with the recovery constrained by the mostly subdued risk appetite.

The US strikes on Iran’s Kharg Island, a critical oil export hub, created initial upward momentum for WTI prices, yet the overall mixed performance reflects market hesitance. By leaving oil infrastructure intact, the potential for significant supply disruption seems limited, which may temper any bullish sentiment. Traders should watch for further geopolitical developments and how they influence broader market dynamics in energy and related sectors.