[MARKET ANALYSIS] Oil prices gained amid the widening geopolitical escalation, with Houthis targeting two Saudi oil tankers in the Red Sea

WTI/Brent: WTI Sep'26 +1.5% / Brent Sep'26 +1.8%Oil prices extended gains as the geopolitical situation continues to show no signs of abating, with the US and Iran exchanging strikes for the 12th consecutive night and with US President Trump recently threatening to bomb and destroy one bridge or power plant any time Iran targets a ship in the Strait of Hormuz. Nonetheless, the main key development overnight was the Houthis targeting two Saudi oil tankers in the Red Sea, while reports noted that at least 9 ships have stopped passing through Bab al-Mandeb, following the blockade on Saudi ports by Houthis.Gold: -0.3%Price action is choppy, although the precious metal ultimately pulled back as oil prices rose.Copper: +0.2%Marginally edged higher and recouped some of the recent losses, with trade largely driven by risk sentiment.