[MARKET ANALYSIS] Crude firmer amid a flurry of Hormuz and Gulf headlines; precious metals softer

Crude futures are firmer, with WTI Dec in a USD 97.72-98.39/bbl range and Brent Dec in a USD 109.81-110.47/bbl range, amid a flurry of overnight Middle East headlines. Iranian missiles were reportedly launched towards the Strait of Hormuz, with Israel's Channel 12 citing claims that US forces struck an anti-ship missile launcher in Sirik, while Fars reported a large explosion in the Strait near where tankers have previously been struck. Saudi Arabia's Eastern Province was reportedly targeted by drones, and the NYT reported that the US and Israel have developed plans for renewed strikes on Iran after the US midterms, targeting energy infrastructure among other sites. On Wednesday, a drone attack on Saudi Aramco's Shaybah oilfield killed two people, Fars reported, though the Energy Ministry said there was no impact on operations, while EIA data showed a larger-than-expected crude draw of 3.06mln bbls (exp. -0.8mln). Spot gold is softer within a USD 4,107-4,146/oz range, while silver underperforms within a USD 57.08-57.97/oz range. CME copper is softer within a USD 6.52-6.58/lb range, after Goldman Sachs said on Wednesday it sees copper prices rising another 7%. Iron ore: Rio Tinto reportedly agreed a new annual supply contract with China's state iron ore buyer CMRG, while Fortescue said its Q1 sales were below shipments due to ongoing negotiations with CMRG.