Published On 4/6/2026
The escalation of geopolitical tensions in the Middle East kept global markets in a state of anticipation, as the US dollar maintained its gains near the highest level in two months on Thursday, while oil fell with growing hopes for diplomatic progress between Iran and the United States that might reduce the risks to supplies, while gold benefited from the weakness of the US currency to record a new high.
Reuters reported that the dollar remained near its highest levels since early April, after security developments in the Gulf increased demand for safe assets.
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This came after Iranian attacks on Kuwait that damaged an airport and caused casualties, in conjunction with American raids near the Strait of Hormuz, which raised concerns about the stability of the fragile truce in the region.
The dollar index rose to 99.47 points after recording in the previous session its strongest levels since April 7, while the euro settled at $1.1604 and the British pound at $1.3424.
The Japanese yen also continued to move near the level of 160 yen to the dollar, reaching 159.91 yen, which is the level that the markets view as a “red line” that may prompt the Japanese authorities to intervene to support the local currency.
Cryptocurrencies are under pressure
Bitcoin fell to its lowest level in 4 months, after it fell 4% yesterday, Wednesday, to $64,721, then it continued its losses today, Thursday, to $63,119. The cryptocurrency Ether also fell to $1,786, which is its lowest level in 4 months as well.
Oil is falling
On the other hand, oil prices fell after Israel and Lebanon announced the agreement to implement a ceasefire, which raised hopes for reaching a broader understanding that might lead to ending the US-Israeli war on Iran and opening the Strait of Hormuz to normal shipping traffic.
Brent crude fell 0.94% to $96.87 a barrel, while US West Texas Intermediate crude fell 0.85% to $95.20 a barrel, giving up part of the gains it achieved in the previous session.
In the precious metals market, gold rose in spot transactions by 0.84% to $4,471.61 per ounce, while US gold futures rose 0.7% to $4,498.
Other precious metals:
- Silver rose 0.8% to $73.26 an ounce.
- Platinum increased 0.2% to $1,863.25.
- Palladium rose 0.5% to $1,307.67 an ounce.
