West Texas Intermediate (WTI) crude Oil plunges more than 5% on Wednesday, snapping a four-day winning streak as traders react to fresh geopolitical headlines that raised hopes for a potential agreement to end the US-Iran war and reopen the Strait of Hormuz.

A Bloomberg article revealed that US crude stockpiles plunged, as Oil exports began to empty domestic supply inventories.

Silver (XAG/USD) rises on Wednesday and trades around $76.00 at the time of writing, up 3.11% on the day, as investors return to precious metals following a pullback in US Treasury yields.

United States EIA Crude Oil Stocks Change below forecasts (-2.9M) in May 15: Actual (-7.864M)

Gold (XAU/USD) holds firm on Wednesday after falling 1.85% the previous day, as a pause in the global bond sell-off helps reduce upward pressure on Treasury yields and offers some support to the non-yielding metal.

Crude Oil prices ease from recent highs on Wednesday but remain above the key $100 level, with the US benchmark West Texas Intermediate (WTI) consolidating gains above $102.00 at the time of writing, as tensions between the US and Iran grow.

Gold (XAU/USD) consolidates losses at nearly seven-week lows below $4,500 on Wednesday, trading at $4,478 at the time of writing, as the US Dollar Index (DXY) tests six-week highs at the 99.45 area.

Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data. Silver trades at $75.29 per troy ounce, up 2.15% from the $73.70 it cost on Tuesday.

Societe Generale analysts observe that Gold has been under pressure since losing its 50‑DMA in March and failing to reclaim it on rebounds.

Deutsche Bank analysts report Brent Oil trading above $110 per barrel as the Strait of Hormuz remains constrained, sustaining a tight link between Oil and global yields.

Silver price (XAG) trades 2% higher to near $75.20 during the European trading session on Wednesday. The white metal recovers from its almost two-week low of $73.10 posted the previous day.

West Texas Intermediate (WTI), futures on NYMEX, trade almost 1.5% lower to near $101.80 during the European trading session on Wednesday.

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

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $103.20 during the Asian trading hours on Wednesday. The WTI price trades with mild losses as traders weigh mixed signals from US President Donald Trump on whether the United States (US) will resume the Iran war. 

Silver (XAG/USD) attracts fresh sellers following a modest Asian session uptick to the $75.00 neighborhood and retreats to the lower end of the daily range in the last hour.

US President Donald Trump threatened to resume attacks on Iran in “two or three days” as part of the push for a deal to end the war, after he said he had just called off a US attack, Bloomberg reported on Tuesday.

Gold price (XAU/USD) faces some selling pressure near $4,480 during the early Asian session on Wednesday. The precious metal drops to its lowest since March 30 as persistent inflation fears keep interest rate hike expectations and Treasury yields high.

The Crude Oil market spent Tuesday teaching the headline writers a lesson.

United States API Weekly Crude Oil Stock registered at -9.1M, below expectations (-3.4M) in May 15

Silver (XAG/USD) remains under pressure on Tuesday as a stronger US Dollar and rising US Treasury yields continue to weigh on the precious metal amid growing expectations that the Federal Reserve (Fed) may need to raise interest rates to tackle rising Oil-driven inflation pressures.

Gold (XAU/USD) price falls over 1.3% on Tuesday as the Greenback posts solid gains underpinned by US Treasury yields, with the 10-year note yield near a 16-month peak. At the time of writing, XAU/USD trades at $4,506 after reaching a high of $4,589.

West Texas Intermediate (WTI) trades around $103.20 at the time of writing on Tuesday, up 1.16% on the day and extending its advance for a fourth consecutive day.

Rabobank’s energy team sees the UAE’s departure from OPEC (Organization of Petroleum Exporting Countries) as a potential catalyst for further cartel erosion and structurally lower Oil prices.

ING analysts Warren Patterson and Ewa Manthey say Oil remains volatile as Iran-related risks and supply disruptions in the Persian Gulf keep prices in wide ranges. They highlight a fresh US waiver allowing Russian Oil floating at sea to be sold for another 30 days, which should help Asian buyers.

Deutsche Bank’s Henry Allen notes that despite the Iran conflict and higher long-dated Oil prices, risk assets and equities have remained resilient as the Brent curve stays heavily backwardated.

Silver (XAG/USD) remains under pressure on Tuesday and trades around $76.00 at the time of writing, down 2.13% on the day.

Gold (XAU/USD) trades on the back foot on Tuesday as traders closely monitor developments surrounding the US-Iran negotiations and amid a broad macroeconomic background linked to the prolonged conflict that continues to weigh on the precious metal.

Gold price (XAU/USD) trades 0.55% lower at around $4,540 during the European trading session on Tuesday. The yellow metal faces selling pressure as United States (US) Treasury Yields remain broadly firm due to expectations that the Federal Reserve (Fed) will not cut interest rates this year.

Rabobank’s Senior Macro Strategist Bas van Geffen notes that Oil remains directionless as the Gulf conflict oscillates between negotiation and potential escalation.

A spokesperson from Qatar’s Foreign Ministry said that communication between leaders in the region is ongoing and with conflict parties to prevent a return to escalation.