Forex
Middle East Conflict Drives Oil Prices Higher, US Dollar Soars
The escalating conflict in the Middle East has sent oil prices soaring, driving up yields and underpinning the US dollar. US President Donald Trump rejected an Iranian peace proposal aimed at ending the war and reopening the Strait of Hormuz.
Oil prices jumped more than 1% on Monday, with US crude futures for November delivery rising 1.3% to $93.62 a barrel and international benchmark Brent gaining 1.8% to $106.31 a barrel.
Iranian President Masoud Pezeshkian stated that it is for the United States to choose whether to end its war in Iran, as Tehran does not wish to continue fighting.