While the stock market and bond markets have crashed over the last two months, the dollar has gone from strength to strength thanks to its status as a global safe haven.
The U.S. dollar and oil prices are frequently inversely related due to the fact that oil is priced in dollars which makes it relatively more expensive to buy with other currencies.
Oil prices and the dollar have been rising since late March, hitting the highest positive correlation since May 2019.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.