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.