Dollar retreats as crude rises 3% after Iran ceasefire announcement

The dollar retreated Monday from its highest level in nearly two months, while oil prices rose more than 3% after Iran's announcement ending attacks on Israel.

In Colombia the currency closed Friday at 3,588.12 pesos, up 22.8 pesos from the TRM of 3,565.32. There were 1,684 transactions worth 1,451 million dollars. Brent futures gained 3.08 dollars, or 3.3%, to 96.17 dollars a barrel. West Texas Intermediate rose 3.37 dollars, or 3.7%, to 93.91 dollars. The Iranian army announced its first wave of attacks had concluded, though it threatened to resume them if Israel continues its offensive in Lebanon. Israel bombed a petrochemical plant in southwest Iran. President Donald Trump demanded that Israel and Iran 'stop shooting immediately'. The exchange followed Israeli attacks on Hezbollah strongholds in Beirut.

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News illustration of oil prices surging after Trump rejects Iran peace plan, with market turmoil in India and US-Iran tensions.
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Oil prices surge as Trump rejects Iran peace plan

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Oil prices climbed sharply after Donald Trump rejected Iran's peace plan, sending ripples through global markets. The rupee hit a record low and equities slumped in India amid the developments. This follows last week's US-Iran exchange of fire that shattered a fragile ceasefire.

The US dollar ended the session at 3,644.61, down 22.45 from the prior TRM. The move aligns with crude prices rising over 2% after US attacks on Iran.

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The escalation of the Iran conflict lifted oil prices and the Chilean dollar on Thursday. Brent reached US$100.62 per barrel and the local dollar hit $947.30.

Bitcoin climbed above $65,000 amid reports of progress toward an interim US-Iran agreement that would reopen the Strait of Hormuz. Oil prices fell sharply while US stock futures advanced. Conflicting statements have emerged on the exact signing timeline.

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