Cyclooxygenase activity: Bis-oxygenation and cyclization of arachidonic acid to Prostaglandin $G_2$ ($PGG_2$).
Peroxidase activity: Reduction of $PGG_2$ to Prostaglandin $H_2$ ($PGH_2$), which is then converted by tissue isomerases into prostaglandins ($PGE_2, PGF_{2\alpha}, PGD_2$), prostacyclins, and thromboxanes.
Correct Option: Option 1 (Cyclooxygenases).
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Official PYQ Papers
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