Geopolitical risks push WTI crude to $93.80, bolstering the USD and weighing on the Euro in early European trade.
The Euro fell 0.1% to 1.1618 against major peers during Wednesday’s European session, pressured by rising oil prices amid renewed US-Iran tensions. WTI crude climbed 2.3% to near $93.80, its third consecutive daily gain, as geopolitical risks escalated in the Strait of Hormuz.
The US Dollar Index (DXY) rose 0.12% to 99.35, supported by higher oil prices and safe-haven demand. The Euro underperformed, particularly against the Japanese Yen, as currencies of oil-importing economies faced headwinds.
Earlier, the US Central Command reported intercepting Iranian missile and drone attacks, followed by defensive strikes on Iran’s Qeshm Island. The incident has heightened market concerns over supply disruptions in key oil transit routes.