Dollar Slips as Iran Offers to Reopen Strait of Hormuz Within Seven Days

The dollar fell on Tuesday after Iran's proposal to reopen the Strait of Hormuz within seven days sent oil prices lower.

Iran's offer, made to Reuters by a senior Iranian official, would require the US to ease military pressure and lift its blockade on Iranian ports.

Brent crude futures dropped below $99 in response to the news, which could ease inflationary pressures and reduce the need for higher US interest rates.

The dollar index, which tracks the US currency against six major peers, fell 0.02% to 100.4 after touching its highest level since late July earlier in the session.