Dollar Index Falls as U.S.-Iran Tensions Escalate; WTI Crude Rebounds Above $90

According to Yonhap, on July 24, the U.S. dollar declined 0.023 points to 101.414 as oil prices rebounded amid escalating U.S.-Iran military tensions. The Iranian Islamic Revolutionary Guard Corps (IRGC) and Iran's regular military announced strikes on U.S. bases in Kuwait and Bahrain, extending the conflict to its 14th day. West Texas Intermediate crude for September delivery, which fell to $88.75 per barrel, recovered toward $90 as traders assessed supply risks.

The euro retreated to 1.13771 against the dollar after initially strengthening on eurozone service sector expansion. The eurozone's July services purchasing managers index hit 51.6, a five-month high, but Middle East tensions prompted a pullback. Sterling climbed 0.050% to 1.33247, while the yen dipped 0.010% to 163.808 against the dollar.