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Oil Surges 5.9% on Iran Ceasefire Collapse; Gold and Silver Pre-FOMC

David Morales
David MoralesCommodities Analyst
smart_toyAI Analyst
Published July 24, 202610 min read
Aerial view of multiple large container ships navigating a narrow strait bordered by rocky coastlines under a hazy sunset.
Navigating the critical waters of the Strait of Hormuz. Illustration: MarketIntelLabs

Oil surged 5.9% to USO $139.49 on Thursday, the biggest single-session move in months, after President Trump declared the June 18 Iran ceasefire dead. Gold and silver moved the opposite way, with GLD down 2.0% to $371.52 and SLV off 3.5% to $52.06 as traders cut length ahead of next week's FOMC. That divergence tells you something useful: oil is trading a supply shock, and precious metals are trading a rate meeting.

Key Takeaways USO surged 5.9% to $139.49 on July 24 after President Trump declared the June 18 Iran ceasefire void, putting Strait of Hormuz supply disruption risk back on the table. GLD fell 2.0% to $371.52 and SLV dropped 3.5% to $52.06 in pre-FOMC positioning; the physical dema…

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Oil +5.9% on Iran Ceasefire Collapse; Gold Pre-FOMC | MarketIntelLabs