Yen Surges Amid Oil Price Fears

The yen has steadied near its highest level since February, as the dollar fluctuates amidst growing concerns over the Middle East conflict. The widening conflict is putting pressure on oil prices, which are approaching $100 a barrel. This development is hitting investor confidence, causing currency markets to waver.

Despite some analysts attributing the decline in the dollar's value to the yen's sharp appreciation over the past week, the US currency remains affected by the situation. The dollar index has eased to 98.15, close to its lowest level in nearly two weeks.

The yen rose to 153.65 per dollar, approaching a seven-month high of 152.89 hit in the previous session. It has gained against several major currencies, including the euro, sterling, Mexican peso, and Turkish lira.