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.

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.

Oil prices jumped on Wednesday as a U.S.-China trade deal and soft inflation report boosted demand expectations and geopolitical concerns sparked fear of supply disruptions.