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fxJul 8, 2026, 3:40 PM

Pound Sterling Edges Higher as Mideast Tensions Boost Oil and Dollar

The British pound posted modest gains against the dollar during North American trade, supported by a surge in oil prices amid escalating Middle East tensions and US President Trump's declaration that the Iran nuclear deal is 'over'.

GBPUSD

The British pound traded slightly higher against the US dollar in the North American session, as heightened geopolitical risks in the Middle East pushed oil prices sharply higher and also lifted the greenback.

US President Donald Trump stated that the nuclear deal with Iran is "over" after both countries exchanged attacks recently. The escalation around the Strait of Hormuz — a critical chokepoint for global oil shipments — triggered a sharp spike in crude benchmarks, which in turn supported the dollar due to its safe-haven appeal.

Despite the dollar's strength, sterling managed to hold ground and even eke out modest gains. Traders are now watching for further developments in the region and any fresh data from the UK economy.

Source: FXStreet Forex News