Oil Prices Soar Amid Ongoing US-Iran Conflict, Gold Bull Momentum Fades

The U.S.-Iran conflict continues to drive up oil prices, with Brent crude gaining nearly 8% in September and U.S. crude rising over 4%. Iran's foreign minister received feedback from the U.S. side in Doha, but both sides remain at odds over a seven-day proposal.

Gold bulls lost momentum as spot gold fell on Wednesday, with prices dropping 0.59% to close at $4,157.02 per ounce. On a weekly basis, it declined 3.03%, and on a monthly basis, 6.55%. Rising energy costs outweighed the support provided by lower-than-expected U.S. inflation data.

The Dow Jones Industrial Average dropped 0.86% to 50,906.05 points, while the S&P 500 fell 0.25% to 7,651.54 points. However, the Nasdaq rose 0.24% to 26,861.06 points. Lower-than-expected inflation data have dampened market expectations for a Federal Reserve rate hike in October.