Oil prices advanced on Wednesday, after President Donald Trump expressed impatience over Iran’s delay in signing a peace deal and said the U.S. would "hit them hard" for a second straight day.

Trump also revealed a "secret mission" by the U.S. military to help tankers and ships cross the critical Strait of Hormuz, and said it had resulted in more than 100 million barrels of oil getting out of the vital waterway.

Additionally, economic data showed a surge in U.S. energy inflation in May. A separate report showed U.S. emergency oil stockpiles had slid to their lowest level in nearly three years.

Gold prices on Wednesday pared some losses, after a key U.S. consumer inflation report came in slightly soft to in-line with expectations. Sentiment remained under pressure, however, amid escalating tensions in the Middle East.

At 09:02 ET (13:02 GMT), spot gold was down 2.5% to $4,152.81/oz, while gold futures slipped 2.5% to $4,179.05/oz.

The U.S. dollar on Wednesday remained flat after key inflation data came in slightly soft to in-line with expectations. Still, overall safe haven demand remained elevated amid escalating tensions between Washington and Tehran.

At 08:40 ET (12:40 GMT), the U.S. dollar index, which tracks the greenback against a basket of six major peers, was unchanged at 99.90, hovering near a two-month high hit earlier this week.

Bitcoin edged lower on Wednesday, tracking a broader decline in risk-driven markets as fresh military action between the U.S. and Iran dampened hopes for a peace deal in the Middle East. 

Losses came even as institutional selling showed some signs of cooling after three straight weeks of heavy outflows from spot exchange-traded funds. 

Bitcoin slipped 0.2% to $62,304.5 by 09:45 ET (13:45 GMT). The world’s largest crypto wiped out most of a brief rebound seen earlier this week after top corporate holder Strategy Inc (NASDAQ:MSTR) bought more of the coin.