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We're taking a break from economic reports this Hump Day, seeing pre-market futures drift into the red. Without any relief in sight as the battle in the Strait of Hormuz continues to heat up, spot oil prices are up +2.8% this morning: $95 per barrel (/bbl) on WTI and $100/bbl on Brent.

Gold and silver gain support from dollar weakness and Iran tensions as traders await U.S. PPI and CPI for fresh clues on the Fed rate outlook.

July producer prices (PPI) came in flat month-over-month, lower than a 0.2% increase economists had forecast. The reading pulled the probability of a Fed rate hike in September down significantly, driving the benchmark S&P 500 index to a record close near 7,799 while the Nasdaq gained 0.8%.

The CNN Money Fear and Greed Index showed further improvement in overall market sentiment, while the index remained in the “Greed” zone on Thursday.

Spot gold and silver prices are lower in early U.S. trading Thursday, as a flat headline PPI print was offset by firmer core producer-price pressure, a steady dollar and caution ahead of Friday's retail sales report.