U.S. Dollar Index gains ground as traders focus on rising oil prices. Oil markets gained 2% amid escalation in the Middle East. Iran-backed Houthis attacked Saudi airports, killing civilians. Traders bet that U.S. may intervene to provide additional support to Saudi Arabia. Such a scenario would be bullish for oil prices and will raise inflation risks, providing additional support to the U.S. dollar.

Currently, U.S. Dollar Index is trying to settle above the resistance level at 102.35 – 102.50. This resistance level has been tested many times and proved its strength. In case U.S. Dollar Index manages to settle above 102.50, it will head towards the next resistance at 103.15 – 103.30.