WTI crude futures for October delivery settled $1.30, or 1.6%, higher at $83.53 a barrel on the 27th, ending four sessions of declines. Buying returned as stalled negotiations between the United States and Iran renewed concerns that a crude supply shortfall from the Middle East will persist. White House Press Secretary Levitt said on Fox News that talks are not currently taking place. The Strait of Hormuz, a major chokepoint for global oil shipments, has been effectively blockaded by Iran, and some estimates suggest a prolonged blockade could affect roughly 20% of global crude supply. Gold futures for December delivery also rebounded, gaining $10.70, or 0.2%, to $4,664.00 per troy ounce as investors adjusted positions before Federal Reserve Chair Warsh’s speech at the Jackson Hole Symposium on the 28th. The remarks could influence expectations for interest rates, the dollar and gold, while Middle East uncertainty continues to support safe-haven demand.