Oil Rises on Iran Tensions; CoreWeave, Nvidia Recover on AI Optimism

Oil prices rose on Wednesday as renewed tensions over Iran revived supply concerns, while gold extended its decline following stronger US inflation data. CoreWeave and Nvidia shares recovered amid renewed optimism over AI infrastructure investments. Brent futures climbed 0.98% to $92.39 per barrel, and US West Texas Intermediate rose 0.27% to $86.27, rebounding from two-month lows after Iran refused to allow enriched nuclear material to leave the country. Gold fell 1.15% to $3,984.39 per ounce after US consumer prices rose 0.4% in October, exceeding expectations and boosting odds of a larger Fed rate hike. CoreWeave shares surged nearly 23% after reporting Q3 revenue of $3.66 billion, up 168% year-over-year, and raising its 2026 revenue forecast to $13.0–$13.3 billion. Nvidia shares recovered about 4% after losing $430 billion in market value over two sessions, as investors bought the dip following CoreWeave's results and viewed CEO Jensen Huang's China spy controversy as manageable. CoreWeave's contracted order book rose to $132.5 billion, though its $46.9 billion total debt remains a concern. Nvidia's board has launched an investigation into whether Huang was targeted by a foreign intelligence operation, with investors awaiting the company's upcoming earnings report.