U.S. Dollar Index Rises to 100.939 as Iran Attacks Ships in Strait of Hormuz on July 7

According to Yonhapinfomax, the U.S. Dollar Index (DXY) rose to 100.939 on July 7 (Eastern Time), up 0.075 points or 0.074% from the previous close. The dollar strengthened after Iran reportedly fired at least two missiles at commercial vessels transiting the Strait of Hormuz, with both ships sustaining significant damage but no casualties reported, according to Axios citing two U.S. officials. West Texas Intermediate crude oil for August delivery climbed about 1% to around $69 per barrel.

Federal Reserve officials' hawkish guidance also supported dollar strength. Commonwealth Bank strategist Carol Kong noted expectations that the Federal Open Market Committee could begin tightening as early as December, though the pace of rate increases may be slower than the market anticipates.