The U.S. dollar has regained its reputation as a safe-haven asset during times of market stress, but analysts predict it will be short-lived due to ongoing geopolitical issues. The dollar index fell almost 10% through 2025, ending a "15-year bull cycle," according to Morgan Stanley. However, since the Iran war began, the dollar has seen a resurgence, strengthening against all major currencies and demonstrating defensive characteristics. The rise in the price of WTI crude has increased demand for its currency, as oil is priced in dollars. The resurgence has been largely supported by the oil price, with analysts noting that the dollar is self-sufficient in crude production and is more insulated from disruption to the Strait of Hormuz, the vital shipping route for Iran's oil and gas that Iran has closed. The price of gold has remained largely flat since the conflict began.