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macroAug 4, 2026, 7:51 PM

Oil Extends Slide on Strait of Hormuz Reopening Reports, Silver Rallies

Crude oil prices fell further on Tuesday following reports that an announcement on the reopening of the Strait of Hormuz could be imminent. Silver surged in contrast.

CLXAGUSD

Oil prices extended their slide on Tuesday after reports suggested that an announcement on the reopening of the Strait of Hormuz could come within hours. The prospect of easing supply disruptions in the key shipping lane weighed on crude.

Meanwhile, silver prices rallied sharply, bucking the broader risk-off mood.

The Strait of Hormuz is a critical artery for global oil shipments; any reopening would alleviate recent supply fears that had buoyed prices.

Source: FXStreet Forex News