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fxJul 13, 2026, 3:48 PM

British Pound Declines as Oil Shock Strengthens US Dollar

GBP/USD opened the week lower after a surge in oil prices, triggered by Middle East developments, boosted the US dollar. The pair traded at 1.3369, marking a decline.

GBPUSD

The British Pound weakened against the US dollar at the start of the week, driven by a sharp rise in oil prices. Over-the-weekend events in the Middle East heightened inflationary concerns, supporting the greenback.

At the time of writing, GBP/USD was trading at 1.3369, down from previous levels. The oil shock has strengthened the dollar, putting pressure on the pound.

Source: FXStreet Forex News