Silver stayed weak near $80.50 amid inflation worries, while WTI oil rose above $86.50 on renewed U.S.–Iran tensions in the Strait of Hormuz.

Silver (XAG/USD)

Silver remained under pressure as rising oil prices—driven by renewed tensions in the Strait of Hormuz—intensified inflation concerns. Meanwhile, Iran accused the U.S. of violating the ceasefire after firing on a commercial vessel and warned of imminent retaliation, while also reversing plans to reopen the strait after Washington refused to lift its blockade on Iranian ports.

Silver (XAG/USD) trimmed losses to trade near $80.50 per ounce in Asian hours, but remained under pressure as a surge in oil prices—driven by renewed Strait of Hormuz tensions—heightened inflation risks and expectations of further rate hikes.

The situation escalated after Iran accused the U.S. of breaching a ceasefire by attacking a commercial vessel, while Washington confirmed seizing an Iranian ship. Tehran also отказed to resume negotiations, reversed its brief plan to reopen the strait after the U.S. maintained its port blockade, and warned of retaliation as geopolitical tensions intensified.

Oil

WTI crude climbed to around $86.70 in early Asian trading, supported by the renewed closure of the Strait of Hormuz, which heightened supply concerns, while Iran warned of imminent retaliation following a U.S. naval seizure.

WTI crude traded near $86.70 in early Asian hours on Monday, supported by escalating U.S.–Iran tensions in the Strait of Hormuz that raised fears of supply disruptions. Iran accused the U.S. of breaching a ceasefire after attacking a commercial vessel and warned of retaliation, while also rejecting new peace talks despite Washington’s push for further negotiations.

Meanwhile, traders are awaiting Tuesday’s API inventory report, with a larger draw likely to support prices and a build potentially weighing on the market.