Reports of imminent Strait of Hormuz reopening weigh on oil prices while softer US labor demand pressures the USD near 99.90.
Oil prices extended losses Tuesday on reports the Strait of Hormuz could reopen within hours, easing supply disruption fears. Al Arabiya and Al Hadath cited progress in high-level talks, though no official confirmation has been issued.
The US Dollar Index (DXY) fell 0.10% to near 99.90 after US JOLTS job openings dropped to 7.359 million in June, below the 7.4 million forecast and down from 7.537 million. The data signaled weakening labor demand, adding to expectations of a cooling economy.
EUR/USD rose 0.20% to 1.1530 as the dollar weakened. Philadelphia Fed President Anna Paulson reiterated that policy remains mildly restrictive, with inflation still elevated.