Silver rose to around $57 an ounce on Monday, recovering from an eight-month low as investors assessed the US-Iran conflict and its implications for inflation and interest rates. US forces continued striking Iranian targets, while concerns over shipping through the Strait of Hormuz intensified after Tehran reported that two oil tankers had exploded and been immobilized. Although oil prices eased after Iran signaled it remained open to negotiations with the US, Brent crude stayed near a one-month high, keeping inflation concerns elevated and reinforcing expectations that US interest rates will remain higher for longer. Meanwhile, Cleveland Fed President Beth Hammack joined a growing chorus of policymakers suggesting further rate hikes may be needed to curb persistent inflation. Markets are now pricing an 80% chance of a December Fed rate hike, up from 73% a week ago.