Group 1 - The current weak dollar period is significantly alleviating the pressure on oil-importing countries despite renewed tensions in the Middle East causing energy price fluctuations [1][3] - Global crude oil prices, priced in dollars, have risen approximately 14% since early last week, but remain about 7% lower year-on-year, indicating that the situation has not reached a "crisis" level [1][3] - The euro has appreciated by 12% against the dollar this year, resulting in a milder impact on Europe, where Brent crude oil prices in euros are down 12% for 2025 and 20% year-on-year [1][3] Group 2 - The depreciation of the dollar provides a crucial buffer for oil-importing countries, mitigating the direct impact of rising oil prices and limiting broader economic repercussions [3][4] - If the dollar continues to weaken, it will effectively reduce the relative impact of energy price volatility on the European economy, potentially supporting its performance compared to the U.S. this year [3][4] - A decline in energy prices alongside a persistently weak dollar may increase pressure on the European Central Bank to lower interest rates to avoid inflation rates falling significantly below the 2% policy target [3][4] Group 3 - The relationship between the dollar and oil prices has become increasingly unstable, as foreign investors reassess their dollar asset allocations due to trade wars and domestic turmoil [4][6] - Traditionally, the dollar has served as a safe-haven asset, but it appears to have lost this status during periods of uncertainty, with the dollar and stocks/bonds moving in tandem downwards in April [6][9] - The causal relationship between oil prices and the dollar has inverted in recent years, with oil price surges leading to aggressive rate hikes by the Federal Reserve, followed by a period of easing as oil prices and inflation declined [9][10]