Silver held above $88 per ounce on Wednesday, extending a three-session rally, supported by persistent fears over the highly volatile conflict in the Middle East. The US-Israeli offensive against Iran has entered its 12th day, with the Pentagon reporting its heaviest strikes so far and pledging to continue operations until the Islamic Republic is defeated. This stance stands in contrast to President Donald Trump’s suggestion that the hostilities could soon come to an end.
At the same time, oil prices were restrained by reports that the IEA has proposed the largest release of strategic oil reserves in its history in an effort to stabilize global markets. Even so, major producers in the Middle East have sharply reduced output as the Strait of Hormuz remains effectively closed.
Looking ahead, investors are focused on a key US inflation reading that may offer fresh insight into recent price dynamics, though it is not yet expected to capture the economic effects of the war with Iran.
