WTI Oil has broken free from its downtrend since October, signaling a positive shift. In the realm of geopolitics, Chinese diplomats are urging Iran to maintain control over Houthi rebels. Meanwhile, the US Dollar Index has broken out of a tight range and appears poised for an upward surge.

Despite an initial surge of almost 6% in oil prices earlier in the week, gains are being trimmed. This upward movement was driven by an increasing number of shipping companies opting for longer routes around Africa instead of traversing the Suez passage via the Red Sea. However, mid-Friday brings less optimistic news from OPEC delegates, confirming that there are currently no plans on the table for output changes.

Simultaneously, the US Dollar Index (DXY) has demonstrated a remarkable rally, defying various factors. Thursday witnessed a substantial surge in the DXY, propelled by positive US Gross Domestic Product and Durable Goods orders. The recently released Personal Consumption Expenditures (PCE) numbers on Friday were as expected, offering no surprises and providing insufficient grounds for the Federal Reserve to consider a cut in March.