[MARKET ANALYSIS] Oil prices climbed after US struck targets in Iran for the first time in over a month, while Iran retaliated on US bases in Jordan

WTI/Brent: WTI Oct'26 +2.4% / Brent Nov'26 +2.6% Oil prices gapped higher at the open amid the geopolitical escalation in the Middle East after the US struck Iranian missile launchers on Larak Island on Sunday, which were said to be on standby to launch missiles with sea mines toward the Strait of Hormuz, while Iran reportedly launched missiles at US vessels and targeted US bases in Jordan, although there was no major damage, with the missiles intercepted. Gold: -0.8% Remained pressured after slumping on Friday as the dollar and yields climbed following hawkish rhetoric from Fed Chair Warsh at the Jackson Hole Symposium. Copper: -0.7% Extended on recent declines amid the mostly negative risk sentiment and with demand also not helped after Chinese PMI data remained in contraction territory.