Dollar near one-week high as markets grapple with Gulf tensions

The US dollar held near a one-week high against major peers as Middle East tensions drove sharp swings in oil prices near six-week highs. Houthi declaration of a naval blockade on Saudi Arabia raised supply concerns, though a 10-day ceasefire proposal to Tehran offered some de-escalation hope. US Treasury yields stayed elevated with the 10-year at 4.59%, while the US imposed a 50% tariff on Canadian products, weakening the Canadian dollar to a one-month low.