The US dollar experienced fluctuations in value against other currencies due to reports and actions by President-elect Donald Trump regarding tariffs and sanctions. The dollar initially dropped by 1% before recovering, as it is cheaper for buyers using other currencies when the dollar is weaker. This had an impact on oil prices, with Saudi Aramco raising crude prices for Asian buyers in February after a three-month decline. In contrast, annual inflation rose more than forecast in Germany due to higher food prices and lower energy price drops. The Biden administration plans to impose further sanctions on Russia over its war on Ukraine, targeting Russian oil revenues, while Goldman Sachs predicts Iranian oil production will decrease due to expected policy changes and tighter sanctions from the Trump administration.
https://www.khaleejtimes.com/business/energy/oil-prices-edge-up-to-12-week-high-on-us-winter-storm-weaker-us-dollar