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Forex

Dollar Surges to New High Amid Escalating Middle East Tensions

Guavy AI Editorial Team
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EUR USD
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The US dollar has reached a new 40-year high against the yen and strengthened against the euro on Thursday, as oil prices continued to surge due to escalating tensions in the Middle East.

Brent crude oil touched $101.21 per barrel for the first time since May 26, after U.S. President Donald Trump vowed 'major military punishment' for Iran and its Houthi allies following a strike on two Saudi oil tankers in the Red Sea.

The dollar index rose 0.36% to 101.47, with the euro down 0.33% at $1.1372, as investors bet that the Federal Reserve may raise interest rates in response to rising inflation fears.

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