Escalating geopolitical tensions in West Asia are creating upward pressure on oil prices, which could force the Federal Reserve to maintain higher interest rates

"When oil prices rise, the dollar strengthens, as the demand for the currency rises. Simultaneously, inflation rises, putting pressure on the US Fed to hike rates. As the dollar strengthens, the opportunity cost of holding non-yielding assets like gold and silver increases, leading investors to prefer dollar assets over these precious metals."

"silver prices declined as the escalating conflict in West Asia erased optimism over easing inflation and stirred worries that rising oil prices could force the Federal Reserve's hand on interest rates"