Dollar Rises Amid Renewed Middle East Attacks and Strait of Hormuz Closure
The US dollar rose against most major currencies amid increasing tensions in the Middle East, which saw attacks on American facilities and the closure of the Strait of Hormuz. This led to a rise in oil prices, with Brent crude futures increasing by 3.3% to $78.49 per barrel, while the dollar reached its highest level since July 8. Analysts expect that these tensions may boost the likelihood of a US interest rate hike by the end of the year.
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