[MARKET ANALYSIS] Oil prices remain afloat after marginally gaining yesterday in choppy trade amid somewhat mixed comments from Trump, while reports note the US base in Kuwait was hit in a strike

WTI/Brent: WTI +0.4% / Brent +0.2%

• Oil prices remain afloat after marginally gaining in two-way trade yesterday amid somewhat mixed comments from US President Trump who said the renewed campaign against Iran would not continue for too long, but also said the US was prepared to conduct another attack on Iran. Nonetheless, there were reports overnight that the US base in Kuwait was hit by a strike, which ultimately risks triggering another round of tit-for-tat retaliations.

Gold: +0.4%

• Extends on the prior day's rebound and returned to above the USD 4,400/oz level after benefiting from dollar weakness and as yields eased back from recent peaks.

Copper: +0.3%

• Trades range-bound with modest gains alongside the mostly positive risk sentiment.

Episodes of direct strikes on US assets in the Gulf during an active US-Iran confrontation have historically followed a recognisable sequence: an initial risk premium builds in crude, then the market's focus shifts to whether retaliation follows and whether it touches energy infrastructure or shipping rather than remaining at the level of symbolic military targets. The distinction that matters for pricing is between escalation that stays contained to bases and escalation that reaches export facilities, tanker traffic, or the Strait of Hormuz; only the latter has tended to sustain the premium, while contained exchanges have often been faded once the tit-for-tat cycle pauses. Mixed signalling from the US President, pairing an end-date framing with readiness for further strikes, fits the established pattern of maximum-pressure negotiation, and oil has typically traded headline-to-headline in such phases with elevated intraday ranges rather than a directional trend. The tells worth noting are any official attribution and response from Washington, Iranian retaliation rhetoric, and freight and insurance rates in Gulf shipping lanes, which have tended to move ahead of flat price when disruption risk is genuinely rising. Gold's bid alongside softer yields and a weaker dollar is consistent with the standard safe-haven expression during such flare-ups, while copper's indifference confirms the market is reading this as a contained geopolitical event rather than a growth shock.