The national average price for diesel in the United States exceeded $6 per gallon for the first time on Thursday, according to GasBuddy, as ongoing conflicts have tightened supply.

Oil futures climbed above $100 per barrel Thursday amid the continuing U.S.-Iran war and Ukrainian strikes on Russian refineries. Brent crude settled at $107.63 per barrel while West Texas Intermediate futures settled at $102.48 per barrel, marking the highest levels since mid-May.

Gold prices shed about 2% on Thursday, dragged down by a stronger U.S. dollar after a mixed August producer inflation report boosted Federal Reserve rate hike expectations. An extended weekly surge in oil prices also added to concerns over price pressures.  

At 15:08 ET (19:08 GMT), spot gold lost 1.9% to $4,317.84/oz, while gold futures declined 2.2% to $4,358.67/oz. 

The U.S. dollar made small moves on Wednesday, as the focus remained on the Japanese yen amid its massive rally. Currency market participants were gearing up for a crucial week ahead that will see interest rate decisions from the Federal Reserve, the Bank of Japan, and the European Central Bank.

The U.S. bond market was also in the spotlight after a highly anticipated Treasury Department update on buyback operations disappointed investors.

At 15:42 ET (19:42 GMT), the U.S. dollar index, which tracks the greenback against a basket of six major peers, was up 0.1% to 98.83. 

Goldman Sachs raised its Brent and WTI crude price forecasts on Sunday, expecting shipping disruptions in the Middle East to persist into next year.

The team, led by Daan Struyven, lifted its Brent/WTI forecasts by $5 to $85/80 per barrel for December 2026 and to $80/75 for 2027. Markets, the strategists said, are increasingly pricing in a prolonged conflict: Brent spot futures have climbed to $97, while the options-implied probability of Brent topping $100 in March 2027 has jumped to about 25%, from roughly 6% a month ago.