Currencies

Dollar Caps Best Week Since 2024 as Oil Surge Trims Fed Bets

An employee uses a machine to count one-hundred dollar banknotes.
Photographer: Paul Yeung/Bloomberg

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By Anya Andrianova and Carter Johnson

March 6, 2026 at 3:39 PM UTC

Updated on

March 6, 2026 at 9:13 PM UTC

The dollar wrapped up its best week in more than a year, rallying as the ultimate safe haven amid the conflict in the Middle East and skyrocketing oil prices.

The Bloomberg Dollar Spot Index gained 1.3% this week, the best performance since November 2024. The fighting in the Middle East shows no signs of abating, boosting the price of Brent crude oil futures by nearly 30% since the US and Israel struck Iran over the weekend, and as Iran hit back around the region.