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US Dollar firms as oil jumps amid Strait of Hormuz standoff
The US Dollar Index rose about 0.2% to just above 99.80, while WTI surged more than 6% toward $81.70 a barrel and risk shifted toward energy-driven inflation concerns.
The US dollar strengthened broadly on Monday, with the US Dollar Index up around 0.2% and holding just above 99.80 as oil rallied more than 6% on the ongoing Strait of Hormuz standoff, according to FXStreet. The newsletter said the same forces supported gold and silver alongside the dollar, citing safe-haven demand and energy-driven inflation risk. It tied the move to renewed uncertainty after US President Donald Trump pushed back on Iran's compensation demands, while Iran denied it was in talks and set conditions for reopening the strait. FXStreet reported WTI jumped more than 6% to trade near $81.70 per barrel as the possibility of reopening the Strait of Hormuz remained uncertain, with the risk premium staying in crude and under the US dollar. It also cited Tuesday caution ahead of looming US inflation data, with gold adding around 0.9% to near $4,380 and silver rising about 3.5% to around $65.70. Among major currency pairs, USD/JPY was the biggest mover, rising more than 0.9% to near 159.30, as higher energy costs and firmer US yields weighed on the yen. EUR/USD slipped below 1.1550, while GBP/USD held around 1.3500, and AUD/USD eased to near 0.7055 ahead of the Reserve Bank of Australia decision that markets expect to keep the cash rate at 4.35%.
Latest closeGold $4,292.00 ▲1.1%|Silver $61.56 ▼0.9%|WTI crude $78.07 ▲3.8%