Oil prices turned higher on Wednesday, rebounding after a sharp fall in the previous session, as investors weighed signs of recovering Middle East exports against lingering concerns over ongoing disruptions to shipments through the Strait of Hormuz.

As of 09:24 ET (13:24 GMT), benchmark Brent crude futures expiring in November had ticked up 1.1% to $103.75 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 2.1% to $91.28 per barrel. On Tuesday, Brent settled down 2.6%, while WTI dropped 3.5%. 

The latest pressure on prices came from Saudi Arabia’s resumption of crude loadings at its Red Sea port of Yanbu after the restart of its East-West Pipeline, providing an alternative route that bypasses the Strait of Hormuz.

The U.S. dollar edged lower on Wednesday, pulling back from near two-month highs after core personal consumption expenditures price index, rose at a slower-than-anticipated rate in August.

The dollar index, which tracks the greenback against a basket of six rival currencies, fell 0.3% to 100.845.

According to data from the Bureau of Economic Analysis on Wednesday, the core PCE measure climbed 0.2% month-on-month, compared to 0.1% in July and expectations for growth of 0.3%.

In the twelve months to August, the measure stood at 3.0%, matching July’s rate of 3.0% and also cooler than projections.

Oil prices on Monday sharply gave up their gains and briefly turned lower after media reports said President Donald Trump was ready to ease sanctions on Iran and release its frozen assets in exchange for concrete progress on the country’s nuclear program.

Crude benchmarks had jumped earlier, as Iran said it would not soften its conditions for reopening the Strait of Hormuz after Trump rejected Tehran’s proposal, keeping uncertainty high over when traffic through the crucial oil shipping route will return to normal.

Gold Futures dropped 3.5% during today’s session to trade at $4,170.17, after President Trump rejected Iran’s weekend proposal to reopen the Strait of Hormuz within seven days, erasing the cautious optimism that had briefly steadied the metal heading into the new week. Oil prices rose sharply following Trump’s dismissal of Tehran’s proposal to end the conflict and reopen the strategically vital waterway. The surge in energy prices immediately rekindled inflation concerns, which in turn pressured gold lower as a stronger dollar, rising bond yields, and rising expectations for another increase to the federal funds rate all weighed on the metal.