The US Dollar and oil prices have never moved this closely together: The 60-day correlation between Brent crude oil prices and the Bloomberg Dollar Spot Index is up to 0.55, the highest since the index was launched in 2005. A reading above 0.50 has only occurred once before, in late-2025. This positive relationship emerged in early March, following the outbreak of the Iran war, and has persisted since. Historically, the two move in opposite directions, as most oil is priced in US Dollars globally and a stronger US Dollar makes crude more expensive for foreign buyers, weighing on demand. Meanwhile, the Bloomberg Dollar Spot Index has closed higher for 5 consecutive sessions, while Brent crude has closed up in 4 of the last 5. Geopolitics are redefining the US Dollar and oil markets.