The US dollar index rose 0.05% to 99.85, supported by escalating tensions in the Gulf region and market anticipation of crucial US economic data, particularly inflation figures. Oil prices edged higher after reports of separate attacks on shipping by the United States and Iran-aligned Houthis, with Iran stating the Strait of Hormuz would remain closed unless its conditions are met. Investors are buying the safe-haven dollar amid concerns about the economic impact of potential energy shocks from the Iran conflict. Markets are also keenly awaiting inflation data due later today, which economists expect to show a pick-up. Chicago Fed President Austan Goolsbee indicated on Tuesday he is more concerned about high inflation than labor market weakness, reinforcing expectations that inflation will drive the Federal Reserve's next interest rate decision.