U.S. Dollar Edges Higher After Trump’s Hormuz Blockade Order
The US Dollar Index climbed as much as 0.5% during the session — putting it on course for only its second daily gain this month — before trimming part of the advance to trade approximately 0.16% higher at around 98.6. The Japanese yen bore the heaviest losses among major Group of 10 currencies against the greenback as markets digested the renewed flare-up around one of the globe's most strategically critical energy corridors.
Despite the sharp escalation in geopolitical risk, analysts noted that the dollar's advance remained comparatively restrained. Oil prices held near the $100-per-barrel threshold, reflecting deepening anxieties over potential supply disruptions and their downstream consequences for the wider global economy.
The breakdown capped a dramatic diplomatic chapter. Following coordinated mediation efforts involving Türkiye, Saudi Arabia, and Egypt, Pakistan had secured a 14-day ceasefire between Washington and Tehran on April 8, ending weeks of hostilities that erupted from US-Israel actions on Feb. 28. US Vice President JD Vance and his delegation subsequently sat down with an Iranian team led by parliament speaker Mohammad Bagher Qalibaf for what became a grueling 16-hour negotiating session — the so-called Islamabad Talks — widely regarded as the most consequential direct engagement between the two nations since diplomatic relations were severed in 1979.
The weekend sessions in the Pakistani capital, however, ended without a breakthrough.
The US Central Command's blockade on all maritime traffic entering and leaving Iranian ports came into force at 1400 GMT, keeping supply disruption fears firmly in focus and underpinning crude prices against a sharper decline.
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