Yen Soars to Seven-Month Highs as Oil Prices Breach $100

The Japanese yen has rallied to seven-month highs, pushing the dollar under pressure as oil prices breach $100 per barrel due to escalating tensions in the Middle East.

Oil prices have risen nearly 3% to reach their highest level since late July, threatening global markets ahead of U.S. inflation data on Friday and upcoming central bank meetings in the U.S. and Japan.

The dollar index has fallen modestly, with some analysts attributing its weakness to the yen's rapid rise over the past week and investors positioning ahead of central bank meetings.