Hormuz Flashpoint: Gold and Silver Surge as Iran-US Conflict Escalates
The Iran-US ceasefire is over. What looked like a durable détente as recently as last week collapsed on July 7 when Iran attacked three commercial vessels in the Strait of Hormuz, the first such strikes since the memorandum of understanding was signed. The US responded within hours: new military strikes against Iranian targets, and a full revocation of the general license authorizing Iranian oil sales. Iran then targeted sites in Bahrain and Kuwait. Gold is trading at $4,135/oz, silver at $61.09, and WTI is up 3.3% to $72.74. The second act of this crisis has begun. Key Takeaways The Iran-US ceasefire MOU has collapsed; Iran attacked Hormuz tankers July 7 and the US revoked the Iranian oil e…
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