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.

Shares of oil companies were some of the S&P 500's top gainers Tuesday as investors evaluated fresh developments in the conflict between Israel and Iran.

Oil traded near a five-month high and most Asian stocks followed US losses on Wall Street as concerns mounted that an escalation of tensions in the Middle East will trigger more direct American involvement.