The U.S. military launched defensive strikes against missile sites and mine-laying vessels in southern Iran on May 26, 2026. This sudden escalation occurred despite active peace negotiations in Doha.
Investors now expect the Federal Reserve to maintain high interest rates for longer to counter potential energy-driven inflation. Crude oil prices surged on the news due to renewed threats of shipping disruptions in the Strait of Hormuz.
Spot silver dropped nearly 2% to trade below $77 per ounce. Gold prices fell simultaneously to approximately $4,530 per ounce.