FX.co ★ Silver Climbs as Middle East Conflict Escalates

Silver climbed nearly 2% to above $95 per ounce on Monday, hitting its highest level in over a month as safe-haven demand intensified following joint US and Israeli strikes on Iran that sharply escalated the war in the Middle East. The conflict led to the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, and effectively shut the Strait of Hormuz, a vital chokepoint for roughly one-fifth of global oil shipments and significant natural gas flows. In response, Iran launched attacks on US assets across neighboring countries, including the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq, and Syria. The large-scale US-led offensive was mounted over the weekend after Tehran rejected Washington’s demands to curtail its nuclear program.