The US dollar and oil prices are rising together due to the conflict in Iran.

Despite the agreed ceasefire between the United States and Iran, concerns over restricted passage through the critical Hormuz Strait have led to a slight increase in oil prices, with the US dollar also seeing a small rise. Iran is limiting the number of ships passing through the strait, citing Israeli attacks on Lebanon as the reason. President Trump has called for Israel to reduce the scale of attacks that threaten the ceasefire agreement. Israel has agreed to begin direct negotiations with Lebanon, with preliminary talks scheduled for next week. The United States and Iran also plan to hold talks over the weekend. As the US is a net exporter of oil, the rise in oil prices has provided support for the US dollar. The dollar has also benefited from its safe-haven status, with the DXY US dollar index rising by 0.1% to 98.961.