Uncertainty over the US-Iran war and shipping traffic through the Strait of Hormuz continues to dominate investment banks' forecasts for global market performance.

According to IG, the limited rise in oil prices reflects the market treating the escalation as tension within a fragile truce, not a complete breakdown.

Meanwhile, MST Marquee expects oil prices to continue rising as strikes and navigation warnings persist in the Strait of Hormuz.

On the gold side, TD Securities noted that renewed tensions between Washington and Tehran prompted investors to reduce their holdings of precious metals.

Vantage Markets, however, believes that continued tension around Hormuz, along with higher oil, yields, and a strong dollar, may keep gold under pressure this week.

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