The dollar index rose to about 101.1 on Monday, holding near a two-month high as higher oil prices reinforced expectations that the Federal Reserve may need further rate hikes to contain inflation. The greenback also benefited from increased safe-haven demand. Oil advanced after President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, while Tehran said it would not relax its conditions for reopening the strategic waterway. Several Federal Reserve officials cited resilient economic growth and a strong labor market last week as reasons additional increases could be needed. Cleveland Fed President Beth Hammack said those factors, together with concerns about government debt, are pushing long-term Treasury yields higher. Investors are now focused on the Federal Reserve’s preferred inflation gauge and key US employment data due this week for further clues on the monetary-policy outlook.