[MARKET ANALYSIS] Oil futures gained in the absence of a Strait of Hormuz deal, while Iran issued six demands for the US

WTI/Brent: WTI Sep'26 +0.9% / Brent Oct'26 +1.1% Oil prices gapped higher at the open as an Iran-Oman deal on the Strait of Hormuz remained elusive, with Iran’s Supreme National Security Council issuing six demands to the US, including total force withdrawal, financial reparations and sanctions relief. Gold: -0.4% Trickles lower and continues to pare its post-NFP move amid higher oil prices. Copper: +0.3% Trades sideways amid the mostly positive risk appetite and as participants digest the recent weak US jobs report and softer Chinese inflation data.