[MARKET ANALYSIS] Oil whipsaws after a Kuwaiti crude carrier was targeted by Iran in a Dubai port, while President Trump reportedly told aides he is willing to end the war without reopening Hormuz

WTI/Brent: WTI May'26 -1.0% / Brent Jun'26 -1.6%

• Oil saw two-way price action as crude futures initially extended on the prior day's gains owing to the recent escalation in the Middle East and Iran's continued denial that negotiations are taking place, while further upside was seen after reports of an Iranian strike on a Kuwaiti crude carrier in Dubai's port. However, oil later faded all of its early overnight gains and more after a report that US President Trump told aides he is willing to end the war without reopening Hormuz.

Gold: +1.7%

• Climbed higher with the metals complex underpinned as oil pulled back and as sentiment gradually improved.

Copper: +0.4%

• Benefitted from hopes of a sooner end to the Middle East conflict and after Chinese PMI data returned to expansionary territory.