Rising energy prices are seen as the main driving factor behind the strengthening of the US dollar.

After the United States and Israel attacked Iran, global demand for safe-haven assets surged, and the dollar continued to strengthen. However, rising energy prices may also be a factor in the foreign exchange market. Jake Schurmeier from Harbor Capital pointed out that the United States is a net exporter of energy, so price increases could boost the country's economy, while Europe and Japan are importers and are more likely to face resistance. He stated: "The movement of the dollar is more a reflection of trade terms shocks, rather than necessarily driven by safe-haven demand." Crude oil prices rose by 7%, natural gas prices increased by 4% in the United States and by 45% in the United Kingdom. The Wall Street Journal Dollar Index rose by 0.9%, while the dollar's gains against the euro, yen, and Swiss franc exceeded 1%.