Business
Dollar Briefly Rises to 7-Week High as Oil Prices Swing on Iran Hope
The dollar briefly hit a seven-week high against a basket of currencies before paring gains as oil prices see-sawed.
Crude prices turned lower after Japan’s Kyodo News said Iran offered to reopen the Strait of Hormuz within seven days if the U.S. takes steps toward easing military pressure.
An earlier rise in oil prices, which reflected continuing shipping risks, had lifted the dollar due to the U.S.’s position as a net oil exporter and the currency’s safe-haven role.
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