Silver prices surged nearly 4% to $61.81 at the time of writing amid easing geopolitical tensions and a decline in oil prices as markets eyed the reopening of the Strait of Hormuz.
- First Majestic Silver was up more than 5% at the time of writing, while Hecla Mining and iShares Silver Trust gained more than 3% each.
- The U.S., Iran and Oman are nearing an interim agreement to reopen the Strait of Hormuz, with the Trump administration aiming to announce the deal as early as Wednesday, according to a report from Axios.
- As per the report, Iran’s leadership approved the framework on Tuesday after weeks of negotiations and an earlier failed attempt that was followed by fresh attacks on shipping.
Shares of First Majestic Silver Corp. (AG), Hecla Mining Co. (HL) and silver-based exchange-traded fund iShares Silver Trust (SLV) climbed in the overnight session late Tuesday as silver prices hit a one-month high.
AG stock was up more than 5% at the time of writing, while HL stock and SLV shares gained more than 3% each.
Silver prices surged nearly 4% to $61.81 at the time of writing amid easing geopolitical tensions and a decline in oil prices as markets eyed the reopening of the Strait of Hormuz. Gold prices were also climbing higher at the time of writing.
Hormuz Deal Announcement May Come As Soon As Wednesday
The U.S., Iran and Oman are nearing an interim agreement to reopen the Strait of Hormuz, with the Trump administration aiming to announce the deal as early as Wednesday, according to a report from Axios that cited regional sources and a U.S. official.
Under the proposed 60-day deal, all inbound ship traffic into the Persian Gulf would transit through a northern lane in Iranian waters, while outbound vessels would use a southern lane through Omani waters in coordination with Iran. No transit tolls or fees would be imposed during the temporary period. The parties also plan to clear naval mines from the median shipping lane within 30 days, after which the central lane would be reopened for two-way traffic under a longer-term agreement to be negotiated by Oman and Iran.
While the negotiations were mediated by Oman, support from Qatar, Pakistan and Saudi Arabia was also present, while the White House played an active role through talks involving U.S. envoy Steve Witkoff, Iranian Foreign Minister Abbas Araghchi and Omani Foreign Minister Badr al-Busaidi. As per the report, which cited officials, Iran’s leadership approved the framework on Tuesday after weeks of negotiations and an earlier failed attempt that was followed by fresh attacks on shipping.
Earlier, U.S. Treasury Secretary Scott Bessent had told CNBC on Tuesday that the ongoing talks would likely result in “a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict.”
“It would be freedom of movement,” he said when asked whether Iran would be allowed to charge a toll.
AG, HL, SLV: Retail Stance
On Stocktwits, retail sentiment around AG and HL was ‘bullish’ at the time of writing, while sentiment was ‘extremely bullish’ for SLV.
One user said, “$SLV $GLD $AG Making some moves overnight, interested to see where these open up tomorrow.”
Another user said, “$AG the bottom has been put in as we enter a seasonally strong time of the year for metals.”
AG stock is up more than 2% in 2026, while HL and SLV have both declined more than 18%.
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