Escalating tensions in the Middle East have significantly impacted global markets, driving investors to seek safety in assets like the Japanese Yen, Swiss franc, and gold, while risk-sensitive currencies such as the Australian dollar weakened. The US dollar also weakened amidst this uncertainty, despite its traditional safe-haven status, as its global dominance has been challenged recently. This instability sent oil prices significantly higher on fears of supply disruptions in the oil-rich region.
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Middle East Tensions Drive Investors to Safe Havens, Yet the U.S. Dollar Struggles