The dollar is the early winner of the Iran war

Oil’s surge and market volatility are driving investors back to the dollar as a global safe haven

Anton Petrus / Getty Images

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The Third Persian Gulf War is nearing the end of its first month and there’s still no end in sight to the conflict, even as President Donald Trump dangles a possible ceasefire with Iran. There’s one early winner from the hostilities: the greenback.

The launch of an aggressive military campaign from the U.S. and Israel against Iran provoked a historic energy shock and sent oil prices on a rollercoaster ride for much of March. Brent crude settled at just over $100 per barrel on Tuesday, significantly elevated compared to the pre-war price of $65. 

Over the past month, investors reached for the dollar in a........

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