Silver futures fell to their lowest levels since December 2025. Escalating conflict between the U.S. and Iran triggered the decline.
A U.S. blockade in the Strait of Hormuz drove crude oil prices sharply higher. This spike fueled concerns of a new wave of inflation.
The Federal Reserve is now expected to maintain higher interest rates for longer. A stronger U.S. dollar further increased the opportunity cost of holding non-yielding silver.