Dollar Slips as Iran's Hormuz Offer Sends Oil Prices Lower

The US dollar experienced volatility on Tuesday after oil prices declined following Iran's proposal to reopen the Strait of Hormuz within seven days if the US eases military pressure.

Brent crude futures dropped below $99, and a sustained decline in oil prices could ease inflationary pressures, reducing the need for higher US interest rates.

The dollar index fell 0.02 per cent to 100.4 after touching its highest since late July earlier in the session.