Dollar Gains as Oil Rises Amid Renewed Geopolitical Tensions
The dollar and oil advance as doubts grow over a Russia-Ukraine ceasefire and the Middle East conflict continues, Dow Jones Newswires reports.
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what happened
The dollar is gaining alongside oil after doubts emerged over President Trump's announced energy ceasefire between Russia and Ukraine, while the conflict in the Middle East continues, Dow Jones Newswires reports.
Ukraine President Volodymyr Zelensky said Russia hit a power plant in Kharkiv immediately after Trump declared the ceasefire. Separately, Iran-backed Houthis carried out strikes on an airport in Riyadh, Saudi Arabia.
Higher oil prices strengthen the argument for additional U.S. interest-rate increases, with the United States a net oil exporter. Geopolitical risks are also driving demand for the dollar as a haven. The DXY dollar index rose 0.2% to 102.398 after earlier trading steadily.
why it matters
The simultaneous rise in oil and demand for defensive assets is supporting the U.S. currency. Markets are focused on how energy risks could affect inflation and expectations for further U.S. rate increases.
instruments
sources
- Dollar Rises Along With Oil Prices Amid Geopolitical Tensions — Market Talk — Dow Jones Newswires, 12 October 2026 at 10:09 UTC
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