TradingKey - On July 7, Eastern Time, following Iran's attacks on commercial vessels transiting the Strait of Hormuz, the U.S. Department of the Treasury's official website released a document revokin

Silver price tumbles nearly 3% on Tuesday as market mood turns dismal due to heightened tensions in the Middle East, following attacks on two vessels in the Strait of Hormuz. At the time of writing, the XAG/USD trades at $60.26, after peaking at around $62.16.

Gold (XAU/USD) price retreats by 0.44% on Tuesday as the yellow metal fails to clear $4,200 amid rising US consumer inflation expectations and threats of a resumption of hostilities in the Middle East, following reports of attacks in the Strait of Hormuz.

West Texas Intermediate (WTI) crude Oil edges higher on Tuesday as fresh attacks near the Strait of Hormuz threaten the recovery in shipping seen in recent weeks following the interim US-Iran peace deal. At the time of writing, WTI is trading around $70.44, up about 2.65% on the day.

Silver (XAG/USD) extends its decline for a second consecutive day on Tuesday, trading around $60.70 at the time of writing, down 2.21% on the day.

Commerzbank’s Carsten Fritsch highlights a rapid recovery in Gulf oil production and exports following the US–Iran agreement, with Brent moving into contango and Saudi Arabia slashing its OSP for Asian buyers.

TradingKey - On July 7, Eastern Time, geopolitical conflicts escalated once again, with two consecutive military clashes driving a rebound in oil prices. Following Iran's launch of at least two missil

TD Securities’ Ryan McKay argues that Crude Oil is far from oversupplied, with high-frequency global and Chinese balances still pointing to tightness.

Commerzbank’s Carsten Fritsch notes Gold fell to USD 4,120 per ounce after fresh Iranian attacks lifted TTF gas and Oil prices, but Fed rate expectations remain unchanged.

Geoff Yu reports that a Qatari LNG carrier was struck near the Strait of Hormuz, reviving security concerns and lifting European gas prices and Brent, WTI, Omani and Dubai crude benchmarks.

Gold (XAU/USD) stalls its recovery and trades on the back foot for a second consecutive day as a steady US Dollar (USD) and doubts over the Federal Reserve's (Fed) interest rate path keep the upside in check.

Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data. Silver trades at $60.95 per troy ounce, down 1.79% from the $62.06 it cost on Monday.

According to data from the People's Bank of China (PBoC), world’s second-largest economy China increases its Gold reserves again.

West Texas Intermediate (WTI), futures on NYMEX, trades 1% higher to near $69.40 during the European trading session on Tuesday.

Gold (XAU/USD) attracts sellers for the second straight day and drops to the $4,125-$4,124 region during the Asian session on Tuesday. Crude oil prices edge higher amid renewed tensions in the Strait of Hormuz, reviving inflationary concerns.

Gold prices fell in India on Tuesday, according to data compiled by FXStreet.

Silver price (XAG/USD) is down 1.35% to near $61.00 during the Asian trading session on Tuesday.

West Texas Intermediate (WTI) oil price gains ground after registering modest losses in the previous day, trading around $69.20 per barrel during the Asian hours on Tuesday. Crude oil prices receive a temporary boost following renewed geopolitical tensions in the Strait of Hormuz.

Bloomberg carried a story by an Axios reporter late Monday, citing a US official, that Iran fired at least two missiles at commercial ships transiting through the Strait of Hormuz.  

Gold (XAU/USD) price retreats by some 0.50% on Monday as the Greenback remains steady despite traders repricing a less hawkish Federal Reserve (Fed) following last Thursday’s softer-than-expected jobs report. The XAU/USD pair trades at $4,153, down 0.50%.

West Texas Intermediate (WTI) has spent three weeks handing back what the war spent three months building, and the tape now reads as though February never ended.

TradingKey - As the temporary ceasefire agreement between the US and Iran takes effect and shipping through the Strait of Hormuz gradually resumes, the global crude oil market is undergoing a dramatic

BNY’s Geoff Yu notes that OPEC+ has ratified another production quota increase, extending gradual supply normalization and adding pressure on Brent and WTI.

Gold (XAU/USD) edges lower on Monday as a firmer US Dollar (USD) and mild profit-taking cap gains following last week's rebound from a more than seven-month low of $3,941.

West Texas Intermediate (WTI) US Oil trades around $68.30 at the time of writing on Monday, down 0.64% on the day, as investors continue to assess the global supply outlook following the latest production decisions by the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

Silver prices (XAG/USD) fell on Monday, according to FXStreet data. Silver trades at $62.02 per troy ounce, down 0.64% from the $62.42 it cost on Friday.

Commerzbank’s Dr. Henry Hao and Charlie Lay highlight a structural shift in Oil as a US–Iran interim peace deal boosts crude supply and restores shipping through the Strait of Hormuz. Seven OPEC+ members will lift output again in August, raising fears of a global crude glut.

Silver price (XAG/USD) halts its four-day winning streak, trading around $62.30 per troy ounce during the European hours on Monday. The white metal edges lower as market expectations solidify around a Federal Reserve (Fed) interest rate hike later this year.

Brent Crude Oil trade flat near $71.90 during the European trading session on Monday.

Rabobank’s Senior Market Strategist Benjamin Picton highlights that Brent has turned lower as OPEC+ eases production cuts and tanker flows through the Strait of Hormuz resume, but stresses that shipping risks remain crucial for Oil prices.