Oil prices advanced for a fourth consecutive session, with Brent crude reaching its highest level in over a month, as both the United States and Iran downplayed the prospects for peace talks. Gold extended its gains, supported by bargain hunting. Copper prices on the London Metal Exchange moved lower.

Oil: Prices Hit Six-Week High Amid Dampened Peace Prospects

Crude oil prices rose on Wednesday, with monthly gains approaching 30%, as both the U.S. and Iran played down the likelihood of peace negotiations and global supply disruptions continued to intensify.

Brent crude futures surged to levels last seen in early June, prior to a temporary peace agreement between the U.S. and Iran. On Wednesday, Brent futures climbed 3.4% to settle near $94 per barrel, marking a new high in over a month, and briefly tested $95 during the session.

According to the Mehr news agency, Iran stated there are currently no negotiations with the U.S., with only a potential exchange of information possible. Hostilities in the Middle East have escalated in recent days, with three oil tankers attacked near Oman in the Strait of Hormuz.

Persistent U.S. military actions against Iran, renewed threats to Red Sea shipping by Houthi forces, and disruptions at the Caspian Pipeline Consortium terminal on Russia's Black Sea coast have collectively driven oil prices higher for a fourth straight day.

Analysts at Bernstein noted that Brent could surpass $100 per barrel by year-end if Middle East conflicts persist and commercial oil inventories in OECD nations decline further. Goldman Sachs Group also highlighted the potential for prices to return to triple digits, though this is not their base case scenario.

September WTI crude in New York rose 3% to settle at $86.83 per barrel.

September Brent crude increased 3.4% to settle at $94.07 per barrel.

Precious Metals: Gold Rises on Bargain Buying

Gold continued its upward move on Wednesday, finding support from bargain hunting following declines in recent weeks.

The price of gold rose as much as 2.1%, surpassing $4,160 per ounce, after gaining 1.7% the previous session. Silver prices advanced toward $60 per ounce.

Despite recent pullbacks, gold has largely held above the $4,000 level, which some traders view as a support zone. Justin Lin, an analyst at Global X ETFs, noted that decreased volatility in gold prices is also attracting buyers.

Ryan McKay, a senior commodity strategist at TD Securities, commented, "The recent bounce feels primarily driven by flows, a bit of bargain hunting, and relief that the $4,000 per ounce floor held. However, I don't see this as the start of a new structural trend. Energy prices are just beginning to rise again, and that concern will ultimately cap gold's upside."

Gold's advance occurred alongside a renewed escalation in hostilities between the U.S. and Iran. The U.S. expanded its airstrikes against Iran overnight, and both U.S. President Donald Trump and Iranian officials suggested a resumption of peace talks is unlikely in the near term. Oil prices moved higher and bond yields rose. Rising energy prices have heightened concerns about U.S. inflation and potential interest rate hikes, factors that can diminish the appeal of non-yielding gold.

As of 3:30 PM ET, spot gold was up 1.4% at $4,134.48 per ounce.

Spot silver was up 1.9% at $59.8842 per ounce.

Base Metals: Copper Edges Lower in London

At the London market close:

LME copper fell 0.6% to $13,808 per metric ton.

LME aluminum rose 1.1% to $3,192.5 per metric ton.

LME zinc increased 1.1% to $3,591.5 per metric ton.

LME nickel gained 0.9% to $17,234 per metric ton.

LME tin edged up 0.1% to $53,922 per metric ton.

LME lead advanced 1.5% to $1,896.5 per metric ton.