Dollar Strengthens Amid Rising Oil Prices and Middle East Tensions
The US dollar rose for a fourth consecutive session on July 21, buoyed by rising oil prices after the latest round of US-Iran strikes and Yemen's Houthi blockade.
Oil tankers carrying Saudi crude to Asia reversed course in the Red Sea due to threats from Yemen's Iran-aligned Houthis, disrupting shipping through two critical energy chokepoints. The U.S. military said it finished its 10th straight night of strikes on Iran.
The US dollar index rose 0.17% to 101.16, with the euro down 0.11% at $1.1402. This marks the longest streak of daily gains for the greenback since mid-May.
Erik Bregar, director of FX and precious metals risk management at Silver Gold Bull in Toronto, stated: 'We're now on the tenth night of strikes in Iran, so the market is pricing things rationally here.'