Dollar Falls as US Pauses Strikes Against Iran, Oil Prices Plummet

The dollar declined against its major peers at the start of Asian trading on Monday after the US paused its bombing campaign in Iran, leading to a drop in oil prices and boosting global investor confidence.

Oil prices sank by as much as 4.7% to $92.19 per barrel after Brent crude tumbled following the US military's temporary halt in strikes against Iran.

A senior Iranian official told Reuters that Iran will halt its own attacks as long as the US does the same, following a China-led push to resume stalled diplomatic efforts in Pakistan to end the war.