Dollar Steady Near High as Oil Surges Past $100
​
On April 23, 2026, the dollar hovered near a one-and-a-half-week peak as Iran-U.S. tensions intensified, pushing oil prices above $100 and boosting safe-haven demand for the greenback.
Dollar Climbs as Oil Shock Rattles Markets
The dollar steadied close to a 1-1/2-week high on April 23, as escalating Iran-U.S. tensions reignited global uncertainty and lifted oil prices beyond $100 per barrel. Safe-haven demand strengthened the currency, with the dollar index edging up to 98.676, marking a weekly gain of 0.5%.
Investor sentiment weakened after Tehran seized two vessels in the Strait of Hormuz, intensifying geopolitical strain and effectively disrupting a key energy corridor. The euro slipped to $1.17, heading for a 0.7% weekly loss, while sterling eased to $1.3488.
Energy Shocks Cloud Rate Cut Outlook
The surge in oil prices has complicated expectations for monetary easing. A poll indicated the Federal Reserve may delay rate cuts for at least six months as inflationary pressures persist.
As uncertainty lingers, markets appear locked in a “wait-and-see” phase—raising a critical question: is this the calm before another financial storm?
