Wall Street opened slightly lower while oil and gold rose as Tuesday marked the fifth day of fighting between Israel and Iran, with the risk of a widening conflict dampening risk appetite in a week also packed with key central bank decisions.

In a separate report on the outlook to 2030, the IEA forecast that oil supply would continue to outstrip demand over the next five years. Global oil demand is expected to increase by 2.5mn b/d between 2024 and 2030, reaching “a plateau” of 105.5mn by the end of the decade.

Crude prices gained again as Israel and Iran continued air attacks against each other, sustaining market uncertainty in Asia.