PHAG.AS is trading at €48.80, down 4.70%, as rebounding oil prices renewed inflation concerns and increased expectations for tighter U.S. monetary policy.

  • President Trump’s rejection of Iran’s proposal to reopen the Strait of Hormuz helped lift crude prices.
  • A firmer dollar and Treasury yields above 5.2% added pressure on non-yielding precious metals.
  • The pressure was broad: silver fell about 5% and gold was also sharply lower. Trading volume was not provided.