Silver Prices Surge Amid Easing Oil Price Tensions

Silver prices surged to near $64.40 on Thursday as oil prices paused their rally amid easing fears of energy supply disruption.

The white metal gained 1.8% during the European trading session, but its upside is expected to remain limited due to the Federal Reserve's (Fed) monetary policy outcome.

The Fed hiked interest rates by 25 basis points to 3.75%-4.00%, signaling that policymakers see more interest rate hikes this year.

Saudi Arabia's confirmation of exploring alternatives for shipping energy, such as offering additional crude cargoes to Asian refiners through ship-to-ship transfers off Oman's Sohar port, eased concerns about supply disruption.