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Forex

Dollar Soars to Two-Week High as Oil Prices Rise Amid Middle East Tensions

Guavy AI Editorial Team
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USD
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The dollar continued its upward trend, reaching a two-week high of 99.79 on Wednesday due to rising oil prices and increased expectations of a Federal Reserve rate hike.

Renewed fighting in the Middle East drove oil prices higher, with Brent crude futures up 1.15% at $95.74 a barrel and U.S. West Texas Intermediate crude rising 0.85% to $91.05.

Kumiko Ishikawa, a currency analyst at Sony Financial Group, stated that the situation in the Middle East 'is a need to remain vigilant about today'.

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