The dollar headed for its biggest monthly gain since July and stands out as the strongest so-called safe asset as war in the Middle East has set oil prices surging, nearly everything else sinking and raised the risk of global recession, reports Reuters.

A Wall Street Journal report that US President Donald Trump is willing to end attacks on Iran without forcing open the Strait of Hormuz, according to unnamed officials, set crude slightly lower in Asia trade but hardly budged the dollar.

“Barring any clear, conciliatory messages from the Iranian side, it is hard to see the dollar handing back this month’s gains anytime soon,” said Chris Turner, ING’s global head of markets.

Opinion

Editorial

Reflection time
Updated 25 Jun, 2026

Reflection time

Israel is the biggest source of instability in the Middle East, and it is high time the US ended its blind support to Tel Aviv, if it genuinely wants peace in the region.
Raised temperatures
25 Jun, 2026

Raised temperatures

THE fraught situation in Azad Jammu and Kashmir requires immense patience and cool heads. Temperatures are raised on...
Debatable remedy
25 Jun, 2026

Debatable remedy

THE Pakistan Psychiatric Society’s challenge to the Federal Shariat Court’s ruling on attempted suicide deserves...
Pezeshkian’s visit
Updated 24 Jun, 2026

Pezeshkian’s visit

Perhaps a good place to start would be the resumption of work on the Iran-Pakistan gas pipeline.
Telecom bill
24 Jun, 2026

Telecom bill

THERE is now no question about it: the Pakistan Telecommunication (Re-organisation) (Amendment) Bill of 2026 is a...
Updating Islamabad
24 Jun, 2026

Updating Islamabad

ISLAMABAD is growing rapidly. Its planning, however, remains stuck in bureaucratic limbo. Despite years of ...