Despite heightened tensions between Israel and Iran and resulting market speculation, oil supply from the Middle East remains largely unaffected, with the critical Strait of Hormuz staying open for navigation.

Wall Street opened slightly lower while oil and gold rose as Tuesday marked the fifth day of fighting between Israel and Iran, with the risk of a widening conflict dampening risk appetite in a week also packed with key central bank decisions.

Oil prices fluctuated on Monday after jumping 7% on Friday, as renewed strikes between Israel and Iran over the weekend heightened market concerns, while European Gas prices rose. While the strikes did not directly affect Iran’s oil exports,