Oil prices have risen sharply upon market reopening, with NYMEX crude futures opening approximately 3% higher after a significant intraday decline the previous day. The surge follows new escalations in Middle East tensions.
According to reports from Iran’s Tasnim News Agency, the Iranian Navy launched missile and drone attacks against three U.S. destroyers near the Strait of Hormuz, forcing the vessels to retreat from the area. A spokesperson for Iran’s Khatam al-Anbiya Central Headquarters stated that the U.S. military violated a ceasefire agreement by striking an Iranian tanker near Jask coastal waters and another vessel near Fujairah port. In response, Iran conducted a large-scale joint operation using ballistic missiles, anti-ship cruise missiles, and drones, reportedly inflicting significant damage on the U.S. ships.
In a separate statement, U.S. Central Command confirmed that its naval destroyer group intercepted an unprovoked attack by Iranian forces while transiting the Strait of Hormuz. The U.S. military reported no hits on its assets and responded with precision strikes on Iranian military facilities, including missile and drone launch sites, command centers, and surveillance nodes.
Loud explosions were heard in western Tehran overnight, with Iranian air defense systems activated in response to several small aircraft. Additional explosions were reported in Minab city in southern Hormozgan province.
Iran’s Foreign Ministry stated that it has not yet responded to a recent U.S. proposal. Iranian parliament member Behnam Saeidi emphasized that uranium enrichment rights, full sanctions relief, and the release of national assets remain non-negotiable. He denied U.S. claims that 400 kg of uranium had been moved out of Iran, calling the assertion a "political boast and outright lie."
Meanwhile, the Trump administration is reportedly seeking to restart the "Freedom Plan," an initiative to escort commercial ships through the Strait of Hormuz, possibly as early as this week. The plan was previously suspended after causing diplomatic friction with Saudi Arabia.
In other regional developments, Israel confirmed that a third round of talks with Lebanon will take place in Washington D.C. next week.
In commodities, silver led gains in the precious metals sector, with SHFE silver futures breaking through 19,400 yuan/kg and COMEX silver surpassing $80 per ounce. Analysts attribute the rally to easing Middle East tensions, renewed expectations of Fed rate cuts, a weaker U.S. dollar, and strong industrial demand—particularly from the photovoltaic, AI, and semiconductor sectors. While short-term volatility is expected, medium-term upward momentum remains supported by structural supply deficits and sustained industrial consumption.
Market participants are advised to monitor U.S.-Iran negotiations and the upcoming U.S. non-farm payrolls report for further directional cues.
