en.Wedoany.com Reported - On April 17 local time, Iran announced the reopening of the Strait of Hormuz to all commercial vessels. Affected by this, international gold and silver prices saw significant intraday increases, while international crude oil futures prices closed with a notable decline. The June gold futures price on the New York Mercantile Exchange once rose by nearly 2%, and the May silver futures price once surged by over 4%. The May light crude oil futures price on the New York Mercantile Exchange fell by $10.84, settling at $83.85 per barrel, a drop of 11.45%. The June Brent crude oil futures price in London fell by $9.01, settling at $90.38 per barrel, a decline of 9.07%.

The Strait of Hormuz is located between Iran and the Arabian Peninsula, connecting the Persian Gulf with the Gulf of Oman. It is a crucial global oil transportation route. According to data from the U.S. Energy Information Administration, approximately one-fifth of global oil shipments pass through this strait. Iranian Foreign Minister Alaghi announced the opening of the strait to all commercial vessels via social media on April 17. However, multiple media reports indicate that this reopening comes with conditions: it is limited to commercial vessels, they must follow designated routes, and they must obtain permission from Iranian forces. The backdrop of this reopening is the ceasefire agreement reached between Lebanon and Israel in mid-April.

As of the close on April 17, the June gold futures price on the New York Mercantile Exchange settled at $4,849.40 per ounce, and the May silver futures settled at $80.93 per ounce. Market analysts point out that the reopening of the Strait of Hormuz has alleviated market concerns about crude oil supply disruptions, leading to a sharp drop in oil prices. The decline in oil prices helps reduce inflationary pressures in many countries in the short term, while boosting market sentiment and weakening demand for the U.S. dollar. The weakening dollar and falling oil prices together drove the rise in gold and silver prices.

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