Oil rises on Iran supply fears; CoreWeave, Nvidia rebound on AI optimism
Oil prices rose Wednesday as Iran's refusal to allow enriched nuclear material to leave the country revived supply concerns, while gold fell on stronger US inflation and CoreWeave and Nvidia shares rebounded on renewed AI infrastructure optimism. Brent crude climbed 0.98% to $92.39 a barrel, recovering from two-month lows, with 37 ships attacked in October and ongoing Strait of Hormuz risks supporting prices. Gold dropped 1.15% to $3,984.39 an ounce after US consumer prices rose 0.4% in October, boosting expectations for a larger Federal Reserve rate hike in December. CoreWeave shares jumped nearly 23% after reporting third-quarter revenue of $3.66 billion, up 168% year-over-year, and raising its 2026 revenue guidance to $13.0–$13.3 billion. Nvidia recovered about 4% as investors bought the dip following a $430 billion market cap loss, despite an ongoing board investigation into CEO Jensen Huang's alleged ties to a Chinese spy.