[MARKET ANALYSIS] Oil futures continue to edge higher amid ongoing Hormuz stalemate and with Trump said to have told envoys to halt conversations with Iran

WTI/Brent: WTI Oct'26 +0.9% / Brent Oct'26 +0.8% Oil prices continued to edge higher amid the ongoing stalemate regarding the Strait of Hormuz, with US President Trump recently commenting that there are no talks or conversations going on, or scheduled, with Iran and that the naval blockade remains in full force and effect. Furthermore, Trump was reported to have told envoys to halt their conversations with Iran as the US shifts its strategy from “hammer Iran ASAP” to “strangle them” over time. Gold: +0.5% Nurses some of the prior day's losses, but with the recovery limited heading into the FOMC Minutes. Copper: -0.6% Declined amid the mostly negative risk sentiment across global markets.