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Commodities

Dollar Surges Amid Oil Price Spike and Looming Fed Hike

Guavy AI Editorial Team
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Oil
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The US dollar rose across the board on Monday due to investor demand for safe-havens amid Middle East conflict and higher oil prices.

Ongoing Houthi strikes on Saudi Arabia and diplomatic efforts to end the US-Israeli war with Iran faltered, leading to increased supply concerns and a surge in Brent crude prices above $107 a barrel.

Markets now assign roughly an 85-90% probability to a 25 basis-point Fed rate hike at the September 16 meeting, up sharply from just 60% a week ago.

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