Brent crude futures fell for a third straight day on Wednesday, sliding more than 2% to roughly $86 a barrel as markets anticipated additional supply through the Strait of Hormuz. The decline has helped cushion nervous global bond markets and support a heavy week of U.S. Treasury auctions, despite uncertainty over how much oil is actually moving through the waterway. Talks between Oman and Iran have resumed on restoring navigation in the Gulf, at least temporarily, while U.S. Energy Secretary Chris Wright said a significant amount of oil may be leaving on ships with transponders switched off. Investors are also awaiting July PCE inflation data, which is expected to show headline and core annual inflation above 3%, well above the Federal Reserve's 2% target. The data could be uncomfortable for Federal Reserve Chair Kevin Warsh before his keynote speech at the annual Jackson Hole conference on Friday. Nvidia's earnings after the bell will provide a major test of the AI ecosystem, with options markets implying a move of about 5% in either direction. The company is expected to report revenue growth of roughly 100% over the past year and full-year estimates above $100 billion, while investors are watching whether its Rubin chips can sustain growth amid competition and concerns about circular financing arrangements in the AI sector.