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Commodities

US Dollar Surges as Oil Prices Soar on Escalating Middle East Tensions

Guavy AI Editorial Team
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Oil
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The US dollar is on a tear, gaining momentum as crude oil prices surge due to escalating tensions in the Middle East. This has revived concerns about inflation and lifted expectations for further Federal Reserve tightening.

Crude oil prices have rallied over 40% in just three weeks, with Brent crude trading above $100 and within sight of its 26 May gap resistance. This increase in oil prices is fueling fears of supply disruptions and geopolitical risks, which are driving the rally in the US dollar.

The US Dollar Index (DXY) has been on an uptrend, respecting its 10-week EMA, and with momentum turning higher from a potential bull flag pattern, it seems to be heading towards its target of 102. The weekly chart remains solidly bullish, with strong participation in the recent rebound.

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