Macquarie analyst says the US‑Iran economic war could boost the USD in Q2 as global supply chains fragment.
Crude oil imports from the Middle East to Asia have fallen about 60% versus pre‑war levels, cutting total Asian imports by roughly 30%.
Japan and South Korea hold ~224 and 200 days coverage; Australia 33 days, India only ~9 days of reserves.
Dollar strength hinges on conflict persistence; once safe passage resumes, diversification away from the USD may resume.