US Dollar Weakens Against The Loonie as Hostilities Resumes Between The US and Iran

02:16 PM EDT, 08/31/2026 (MT Newswires) -- The US dollar weakened against its Canadian counterpart Monday afternoon as hostilities resumed between the United States and Iran. The greenback was down 0.4% to C$1.3857 on last look. West Texas Intermediate October crude oil futures, the US benchmark, jumped 2.7% to $85.65 per barrel. October Brent oil futures, the international benchmark, rose 2.5% to $90.33 per barrel. Comex gold December futures slipped 1% to $4,488.70 per ounce, as expectations increase that the US Federal Reserve will raise interest rates. US Treasury Secretary Scott Bessent told CNBC that US growth goals include ending the Iran war behind. "We are going to get to the other side of this Iran conflict." Bessent also claimed the US bond market in August outperformed every other major bond market. Bessent and Federal Reserve chair Kevin Wash also spoke at the G20 finance ministers meeting in North Carolina.