iShares Silver Trust (NYSE:SLV) shares are pushing higher on Wednesday as silver and gold prices rip to the upside, helped by a sharp pullback in the U.S. dollar and a dramatic collapse in crude oil following news of a conditional U.S.–Iran ceasefire.

Massive Unwind In The Oil Trade Boosts Metals

The oil trade that dominated the first quarter of 2026 broke apart in a matter of hours. Energy stocks, which had surged 40% to 50% since late February, reversed sharply after President Donald Trump announced a two‑week ceasefire and the reopening of the Strait of Hormuz.

That collapse matters for metals because gold and silver have been trading inversely to oil throughout the conflict. As the war premium evaporated, the pressure that had been suppressing metals prices lifted almost instantly.

Silver jumped nearly 8% by 9:15 a.m. EST, briefly touching $77.80 earlier in the session. Gold climbed 3% to $4,820.30 after hitting an intraday high of $4,888, according to Forbes.

A weaker dollar typically boosts metals because they become cheaper for global buyers. Combined with falling oil — which reduces inflationary pressure — the setup is supportive for precious‑metal demand and strengthens the case for future rate cuts.

Analysts Say Sentiment Is Stabilizing, But The Ceasefire Looks Fragile

ING analysts told the Wall Street Journal that sentiment in the metals market is "showing signs of stabilization," though they noted gold remains about 11% below its February levels because the Iran conflict initially weakened its safe‑haven appeal.

Sucden Financial analysts echoed that view, saying the ceasefire appears "fragile and conditional," meaning metals could remain headline‑driven in the near term.

SLV Price Action: iShares Silver shares were up 3.61% at $68.32 at the time of publication on Wednesday, according to Benzinga Pro.

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