[MARKET ANALYSIS] Oil prices faded the initial gains that were spurred by reports of Houthis attacking a Saudi oil facility and with rare air raid alerts issued in Riyadh

WTI/Brent: WTI Nov'26 -2.3% / Brent Nov'26 -2.1% Oil prices ultimately declined after fading the initial advances at the open following reports over the weekend that Houthis targeted a Saudi oil facility in Yanbu and with air raid alerts issued in Riyadh. There wasn't any news behind the reversal, although Iranian officials are headed to New York this week for the UN General Assembly, while there were prior reports that Iranian officials conveyed their conditions to mediators for re-engaging in negotiations for ending the war with the US. Gold: Flat Trades indecisively amid an uneventful dollar and despite comments from Fed's Kashkari (2026 voter) that inflation remains too high and price pressures have expanded beyond the oil-price shock from the Iran war. Copper: +0.5% Gradually extends on last week's gains but with the upside capped amid the somewhat cautious gains in Asia.