Silver jumped more than 4% to $59 an ounce on Tuesday as investors monitored diplomatic efforts to ease the US-Iran conflict and assessed the implications for oil prices, inflation, and the Federal Reserve’s policy path. Reports suggested mediators are working to restart negotiations between Washington and Tehran, with a possible 10-day truce being discussed to help secure shipping routes through the Strait of Hormuz. The recent escalation pushed oil prices to a more than one-month high, intensifying concerns over renewed inflationary pressures. Some US policymakers have argued that rates may need to stay elevated for longer, or even rise further, to contain inflation. While the Fed is expected to hold rates steady next week, markets are pricing in more than a 60% chance of a rate hike in September.