DollarStrengthens Near 3-Month High as Mideast Conflict Boosts Oil Prices

The US dollar held near a three-month high in Asia on Wednesday as investors fled the euro following conflict in the Mideast, raising fears of sustained energy price increases. The euro slipped 0.2% to $1.1590, extending losses after hitting its weakest level since late November. Global oil prices surged, with Brent crude rising 1.9% to $82.94 per barrel - its highest since July 2024 and a 14% gain since Friday. This follows Iran's retaliatory attacks disrupting Middle East energy exports, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq. European gas prices jumped 70% since last week. The dollar index strengthened 0.1% to 99.208 against a basket of currencies. Bitcoin and ether also fell 0.4% and 0.5% respectively. In Nigeria, the Naira closed Friday at N1,346.32/$.

SOURCE: https://www.channelstv.com/2026/03/04/dollar-firms-euro-slips-as-energy-prices-surge/