U.S. crude oil (WTI) futures settled at $82.36/barrel, down $2.65 or 3.12%.

Gold pulled back Tuesday after earlier touching a more-than-three-month high as markets focus on upcoming US inflation data and a speech by Fed Chair Kevin Warsh. IG analyst Tony Sycamore said pullbacks are likely to attract strong buying. Last week the US Treasury doubled the size of liquidity-support repo operations for longer-dated Treasuries, which boosted gold and raised concerns about dollar weakness. TD Securities said those concerns should support gold in the coming weeks given the Fed has not signaled it is ready to counter rising inflation, but warned that sustained oil-driven upward pressure on rates would limit a near-term large gold rally.

Japan's finance minister Katayama said Tokyo still wants the Strait of Hormuz reopened as soon as possible and will respond appropriately depending on the impact of US‑Iran talks on the international community.