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US Dollar and oil prices show rare positive correlation amid Iran war tensions.

Market News
17 May 2026
Benzinga Staff Writer
View Source
Neutral
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The US Dollar and Brent crude oil prices have shown an unusual positive correlation of 0.55, the highest since 2005, coinciding with the Iran war's onset in March 2026. Typically, these move inversely because oil is priced in US Dollars, but geopolitical tensions have altered this dynamic. The Bloomberg Dollar Spot Index and Brent crude have both risen in recent sessions, reflecting this rare market behavior. This shift has sparked political debate in the US, including calls for a windfall profits tax on oil companies exploiting the conflict.

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