Investing.com -- U.S. Mining stocks fell on Monday after gold and silver prices dived amid fears of inflation sparked by the closure of the Strait of Hormuz, as crude oil prices jumped.

Shares of Southern Copper, Newmont Goldcorp, Agnico Eagle Mines, and Wheaton Precious Metals fell between 1.9% and 2.7%, respectively.

Gold prices fell to a one-week low on Monday before recovering slightly as Iran's threat of retaliation to the U.S. takeover of an Iranian cargo vessel drove the dollar and oil prices higher.

A ceasefire between the U.S. and Iran appeared in jeopardy on Monday after the takeover of the cargo ship. Oil prices jumped by around 5% on fears that the ceasefire would collapse and that flows through the Strait of Hormuz would remain largely halted.

The U.S. fired on and captured an Iranian vessel attempting to skirt its blockade, President Donald Trump said on Sunday evening, with both sides also claiming the other had violated a ceasefire.

Trump said that U.S. envoys were headed to Pakistan for more ceasefire talks. But Iranian media reported that Tehran had not committed to any future talks.

Oil prices surged as much as 7% on Monday, keeping markets largely on edge over the inflationary effects of the Iran war. Concerns about energy-fueled inflation have been a major drag on metal prices since the conflict began in late February. Expectations that global central banks would respond to these price pressures by raising rates do not bode well for non-yielding assets like gold.