[MARKET ANALYSIS] Oil futures gradually retreated amid a lack of major geopolitical updates and following the recent massive crude inventory build

WTI/Brent: WTI Sep'26 -1.2% / Brent Oct'26 -1.2% Oil prices gradually declined in the absence of any major geopolitical updates overnight and despite the Strait of Hormuz authority rejecting US claims, stating the waterway remains blocked until Iran's conditions are met, while some headwinds were seen yesterday following the massive build of 17.4mln bbls in weekly EIA crude inventories, which was the most in more than three years. Gold: +0.1% Price action was choppy with early gains pared after hitting resistance near the USD 4,450/oz level. Copper: -0.8% Extended on the prior day's mild retreat amid quiet catalysts and somewhat mixed risk appetite.