Crude oil prices have dropped for four straight days, currently trading at $69.97, as traders monitor geopolitical tensions while dealing with the impact of a strengthening U.S. dollar.
Heightened Middle Eastern tensions and calls for attacks on Iranian oil fields challenge U.S. diplomatic efforts, raising fears of broader conflicts impacting the oil market.
The rising U.S. Dollar Index has pressured oil prices, as stronger dollar values make oil more expensive for foreign buyers, contributing to market volatility.
The optimism surrounding Donald Trump's economic plans has lifted the dollar, creating an inverse relationship with oil prices that complicates the current trading environment.
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