Oil prices rose as Iran tensions revived supply concerns, gold extended its decline on stronger US inflation, while CoreWeave and Nvidia shares rebounded amid renewed optimism over AI infrastructure spending.
Oil prices rise as Iran tensions revive supply concerns
Oil prices gained on Wednesday, recovering from two-month lows as Iran’s refusal to allow enriched nuclear material to leave the country raised doubts about the prospects of a diplomatic agreement with the US.
Brent crude futures rose 0.98%, to $92.39 a barrel, while US West Texas Intermediate gained 0.27%, to $86.27.
Prices had fallen by more than $3 a barrel in the previous session after US officials played down the need for further military action against Iran.
However, concerns about the Strait of Hormuz continued to support prices.
Data from the Washington Institute for Near East Policy showed that 37 ships were attacked in October, the highest monthly total since the war began.
Although OPEC+ production increased in October, shipping disruptions remain a concern.
A tanker was struck northeast of Lima in Oman, while Iran’s Revolutionary Guards Navy reported that two tankers caught fire after hitting naval mines in the strait.
Middle East crude and condensate supply outages have eased to about 3.8 million barrels per day, according to Kpler.
Saudi and Iraqi crude production has returned to pre-war levels.
However, the risk of further attacks and delays in restoring shipping activity continues to cloud the supply outlook.
Gold extends losses as inflation lifts rate hike bets
Gold prices declined for a second consecutive session as stronger-than-expected US inflation and hawkish Federal Reserve comments boosted the dollar and increased expectations of a larger interest rate increase in December.
Spot gold fell 1.15% to $3,984.39 an ounce, extending Tuesday’s nearly 3% decline.
US gold futures for December delivery settled 0.89% lower at $3994.20.
US consumer prices increased 0.4% in October, exceeding economists’ expectations of 0.3%.
Before the report, Fed Governor Christopher Waller had indicated that a 0.3% increase in core inflation could prompt him to consider a 50-basis-point rate hike.
Markets priced in an 87% probability of a 25-basis-point increase in December, while the probability of a 50-basis-point hike rose to 12.9% from zero before the inflation data.
A stronger dollar makes gold more expensive for overseas buyers, while higher interest rates reduce the appeal of the non-yielding metal.
However, continued purchases by China and central banks have provided some support.
CoreWeave stock rebounds 23% after earnings
CoreWeave shares surged nearly 23% on Wednesday, recovering some of the losses sustained over the previous month as stronger quarterly results and improved guidance eased concerns about its financial position.
The AI cloud infrastructure provider reported third-quarter revenue of $3.66 billion, up 168% year over year and above Wall Street expectations of $3.55 billion.
Its adjusted loss of 95 cents per share was also narrower than the expected loss of $1.16.
CoreWeave raised its 2026 revenue forecast to between $13 billion and $13.3 billion.
Its contracted revenue backlog increased to $132.5 billion from $104 billion at the end of June.
The company also expects approximately $9 billion in customer prepayments and deposits over the next three months and said it does not intend to issue additional parent-level unsecured debt through 2027.
However, debt remains a significant concern.
CoreWeave had $46.9 billion in total debt at the end of September, while third-quarter net interest expense reached $846 million.
The company also expects capital expenditure of $37 billion to $39 billion in 2026.
Nvidia stock rebounds as investors buy the dip
Nvidia shares recovered around 4% in trading on Wednesday after losing approximately $430 billion in market value over the previous two sessions.
The rebound came amid improving sentiment across AI infrastructure stocks following CoreWeave’s earnings.
Nvidia’s recent decline had also reflected scrutiny surrounding CEO Jensen Huang’s reported relationship with a Chinese businesswoman accused by US agencies of being a Chinese spy.
The controversy has escalated into a political dispute, with Senate minority leader Charles Schumer calling for tighter controls on AI chip exports to China and greater scrutiny of Nvidia’s influence on government decisions.
Nvidia’s board has launched an investigation into whether Huang was targeted by a foreign intelligence effort.
The company has hired law firm Wachtell, Lipton, Rosen & Katz to conduct an independent inquiry.
Despite the uncertainty, investors have continued buying the stock.
ARK Invest purchased 90,443 Nvidia shares on November 9, worth an estimated $16.2 million at the market close.
Nvidia was also the most purchased stock on AJ Bell and Dodl’s platforms between November 5 and 9.
Investors will now watch the company’s upcoming earnings report and developments in the board’s investigation as they assess the potential impact of the controversy on Nvidia’s business and leadership.