Dollar Hits 17-Month High as Oil Prices Climb Amid Global Fuel Supply Concerns

The US dollar has reached a 17-month high, climbing to a value of $102.08 on the dollar index, according to Reuters.

This surge in the dollar's value comes as oil prices have risen amid concerns over global fuel supplies following China's suspension of fuel exports and reports that the United States is preparing to send additional troops and an aircraft carrier to the Middle East.

Brent crude rose 29 cents, or 0.28 percent, to $102.60 a barrel, while U.S. West Texas Intermediate gained 27 cents, or 0.29 percent, to $93.14.

The increase in oil prices has added to inflation concerns already reflected in higher long-term bond yields, with the yield on the benchmark 10-year US Treasury note reaching its highest level since 2002 at 5.344 percent.