Dollar Rises as Middle East Tensions Lift Oil Prices
The US dollar rose as Middle East tensions lifted oil prices. Safe-haven demand grew while euro zone activity contracted at its sharpest rate in over two years.
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The United States dollar index rose 0.2% to 99.365 as escalating Middle East tensions fueled safe-haven demand. The greenback reached its strongest level since April 7 after reports that Iran blocked uranium exports. Rising energy costs and geopolitical instability are pressuring oil-dependent economies while strengthening demand for the dollar as a safe-haven currency.
