SLV is trading 3.3% down in pre-market as geopolitical tensions in the Strait of Hormuz intensify following the seizure of two container ships by Iranian forces.
- The maritime escalation and the U.S. Navy Secretary's resignation have reversed earlier gains, with oil prices spiking above $102 per barrel.
- Broader market indices are also declining (S&P 500 -0.58%, Nasdaq -0.62%) as risk-off positioning and oil volatility pressure precious metals demand.
- Silver's safe-haven appeal is currently being offset by concerns that the Middle East conflict will stall global business activity and economic growth.