Why are oil prices down while gold and silver prices up today? Oil prices fell to a three-month low as hopes grew that the Strait of Hormuz could reopen under a proposed U.S.-Iran agreement. At the same time, gold and silver prices moved higher because lower oil prices reduced inflation concerns and eased expectations of future interest-rate hikes. Analysts are now watching crude oil demand, Federal Reserve policy, and precious metals trends for the next market move.