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ForexMediumUpdated•Originally published 23 February 2026•Updated 23 February 2026•

1 min read

USD Weakens and Oil Prices Soften as US-Iran Diplomatic Talks Loom

Golden Yen/Yuan symbol with green arrows pointing up, and a US dollar bill sinking into cracked ground with downward arrows.

Key Facts

1The US Dollar started the week softer as investors reassess US trade policy and geopolitical risks.

3 months ago

Version History

Version 13 months ago

What changed: The update shifts focus to the energy sector, noting that ICE Brent oil prices are softening as scheduled diplomatic talks between the US and Iran mitigate previous geopolitical risk premiums.

The US Dollar started the trading week under pressure as investors weighed trade policy risks against shifting geopolitical dynamics. Market concerns persist regarding a potential 15% import surcharge under Section 122, which ING analysts suggest could trigger synchronized weakness in US assets. Meanwhile, ICE Brent oil prices are trading softer following last week's rally, as the geopolitical risk premium begins to cool. This shift follows the announcement of scheduled diplomatic talks between the United States and Iran, providing a temporary reprieve from regional tensions. The cooling energy sector adds another layer of complexity to the greenback's performance against major peers. Traders are now closely monitoring these diplomatic efforts alongside official communications on trade measures for further market direction.