Dollar near two-week high as oil surge lifts yields, Fed hike bets

Strengthening towards a two-week high, the dollar gained ground as oil prices jumped and Treasury yields rose. With a significant rate hike from the Federal Reserve looming this week, market sentiment turned cautious.

Stock markets experienced declines, dampening risk appetite and bolstering the dollar’s ascent. The surge in oil prices was driven by conflict in Saudi Arabia and delays in Gulf-Iran discussions.