[MARKET ANALYSIS] Oil futures climbed higher after further Saudi-Houthi strikes, while US and Iran both asserted their control over the Strait of Hormuz

WTI/Brent: WTI Nov'26 +1.1% / Brent Dec' +1.1% Oil prices climbed higher overnight as geopolitical headlines remained abundant and continued to show no signs of abating, with further exchanges of strikes between Saudi and Houthis, including an attack on the Aramco HQ in Dhahran. Furthermore, both the US and Iran asserted their control over the Strait of Hormuz, while there were also reports that Israeli PM Netanyahu and US President Trump had discussed the possibility of launching a major new operation against Iran before the Israeli and US elections, although the call occurred last week before Trump declared that he would not strike Iran ahead of the Midterms. Gold: Flat Lacks direction overnight following the prior day's indecision and as US CPI data looms. Copper: +0.2% Price action is choppy amid the ultimately mixed risk appetite in Asia-Pac trade.