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Forex

US Dollar Firms as Oil Prices Soar Amid Strait of Hormuz Tensions

Guavy AI Editorial Team
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The US Dollar strengthened on Monday as the price of Oil surged over 6% due to tensions in the Strait of Hormuz. The US Dollar Index (DXY) rose by around 0.2%, holding above 99.80.

This unexpected move came after US President Donald Trump pushed back against Iran's compensation demands, saying Tehran should be held responsible for damage across the region.

The Strait of Hormuz remains closed, with a deal still out of reach and the US naval blockade redirecting more vessels.

This has kept a risk premium in Crude and under the US Dollar. West Texas Intermediate (WTI) Oil jumped to trade near $81.70 per barrel as traders remained cautious due to ongoing tensions.

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