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The US Dollar (USD) regains some composure on Tuesday, rapidly reversing Monday’s downtick against the backdrop of persistent uncertainty around the US-Iran peace deal and the reopening of the Strait of Hormuz.

USD/CAD reverses earlier intraday gains on Tuesday, with the Canadian Dollar (CAD) drawing support from rising Oil prices and offsetting broader US Dollar (USD) strength. At the time of writing, the pair is trading around 1.3800 after hitting an intraday high near 1.3821 earlier in the day.

Silver (XAG/USD) trades on the back foot on Tuesday, pressured by a firmer US Dollar (USD) and hawkish Federal Reserve (Fed) expectations amid ongoing tensions in the Middle East. At the time of writing, XAG/USD is trading around $76.43, down nearly 2.0% on the day.

The Euro (EUR) is trading higher against the British Pound (GBP) on Tuesday, trimming losses after depreciating more than 1% in a bit more than a week.

The USD/CAD pair extends its sideways consolidative price move for the second straight day on Tuesday and holds steady near the 1.3800 mark through the first half of the European session.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – regains some positive traction on Tuesday and recovers a part of the previous day's heavy losses to the $88.75-$88.70 region, or over a two-week low.

Silver price (XAG/USD) trades 2% lower to near $76.50 during the European trading session on Tuesday. The white metal resumes its downside journey after rising in the last four trading days, as financial market participants turn cautious over peace in the Middle East.

Here is what you need to know on Tuesday, May 26:

West Texas Intermediate (WTI), futures on NYMEX, is up 1.8% to near $91.20 during the early European trading session on Tuesday.

The GBP/USD pair struggles to capitalize on the previous day's strong move up to levels beyond the 1.3500 psychological mark, or a one-and-a-half-week high, and attracts some sellers during the Asian session on Tuesday.