The Swiss franc strengthened to around 0.787 per USD, the highest in over two weeks, as hopes of easing Middle East tensions following a US-Iran two-week ceasefire reduced demand for the greenback as a safe haven. Tehran also agreed to allow the safe transit of vessels through the Strait of Hormuz during this period, which alleviated concerns about energy-driven inflation. Swiss inflation surged in March to its fastest pace in a year, driven by rising heating oil costs amid the Middle East energy supply crunch. Data suggested that the dampening effect of a strong Swiss franc on import costs and inflation is being counterbalanced by higher energy prices, easing pressure on the Swiss National Bank to adjust policy.