[MARKET ANALYSIS] Oil prices remain afloat amid the Middle East conflict and with the IRGC claiming that a supertanker exploded after hitting a mine in the Strait of Hormuz, which US CENTCOM denied

WTI/Brent: WTI Oct'26 +1.5% / Brent Nov'26 +1.4% Oil prices remain firmer amid the ongoing conflict in the Middle East as Yemeni Houthis continue to target areas in Saudi Arabia, while Iran reiterated an unwillingness to negotiate an agreement with the US and the IRGC announced that a supertanker exploded after hitting a mine in the Strait of Hormuz, which US CENTCOM denied. Gold: +0.2% Eked slight gains and returned to above the USD 4,300/oz level but with the upside capped after the recent choppy performance and as participants await the FOMC on Wednesday. Copper: -0.3% Remains lacklustre alongside the subdued risk appetite and mixed Chinese activity data.