Euro Falls as Hormuz Uncertainty Persists

The euro fell against the US dollar for the second consecutive session on Friday as uncertainty over negotiations between the United States and Iran regarding the Strait of Hormuz continued to weigh on markets.

Oil prices rose by around 0.5% on Friday, extending their recovery from three-month lows, supported by bargain buying and concerns over global energy supplies from the Middle East.

The European Central Bank's expectations for a September interest rate hike increased as inflationary pressures facing policymakers grew due to rising oil prices.