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.

Investors seem to think Israel and Iran will soon reach a resolution.

Oil prices resumed their upward climb and U.S. futures were lower early Tuesday after Israel’s military issued an evacuation warning to 330,000 people in Iran’s capital Tehran.

The most worrisome scenario would be if Iran’s leaders close down the Strait of Hormuz, the narrow passageway that leads from the Persian Gulf and, eventually, to the Indian Ocean.

Oil futures jumped as the market reopened Sunday night, building on last week’s surge after Israel attacked Iranian energy facilities over the weekend and underlining fears around potential disruption...