Silver Drops Over 1% as Iran Escalation Boosts Oil Prices

Silver (XAG/USD) has slipped over 1% day-on-day, trading near $74, as speculators reduce bullish bets amid rising oil prices due to escalating tensions in the Middle East. According to BeInCrypto, Iran's recent missile and drone attacks on U.S. bases have reignited oil demand, with crude oil (WTI) surging over 8% week-on-week. This rise in oil prices negatively impacts silver, which typically moves inversely to oil. Speculators have been pulling back, with large non-commercial traders cutting long positions by 1,833 contracts and adding 615 shorts, reflecting a cautious market stance.