[MARKET ANALYSIS] Oil prices rallied to start the week with Saudi's East-West Pipeline shut following attacks, while Oman postponed a planned Persian Gulf Foreign Ministers meeting where Iran was set to formally unveil a temporary Hormuz agreement

WTI/Brent: WTI Oct'26 +2.3% / Brent Nov'26 +2.3% Oil prices began the week higher as the conflict in the Middle East continues to threaten global energy supplies, with Saudi Arabia shutting its East-West Pipeline following attacks last week, which risks the loss of 4% of global supply, while it was also reported that Oman postponed the Persian Gulf Foreign Ministers meeting, where Iran had planned to formally unveil an agreement on a temporary Hormuz shipping lane. Gold: +0.1% Trades range-bound after last Friday's post-CPI whipsawing and with participants awaiting the FOMC mid-week. Copper: -1.0% Declined with demand hampered alongside the mostly negative mood and with the focus this week on major central bank rate decisions.