[MARKET ANALYSIS] Oil prices are mildly firmer after US and Iran conducted tit-for-tat attacks on vessels in Hormuz

WTI/Brent: WTI Oct'26 +0.5% / Brent Nov'26 +0.3% Oil prices mildly gained after the US and Iran conducted tit-for-tat attacks on vessels during the weekend, but with upside capped as it was also reported that Iran's top security official Rezaei said Tehran will declare a restricted zone near the Strait of Hormuz and announce a new shipping route agreed on with Oman in the coming days and weeks. Gold: -0.4% Retested the USD 4,400/oz level to the downside following last week's stronger-than-expected US jobs data, which supports the case for the Fed to hike rates this month. Copper: -0.4% Price action is choppy in range-bound trade as participants reflect on the recent key market themes including US data, Fed rate expectations and ongoing geopolitical tensions.