The Energy Crisis Is Becoming a Currency Crisis

Have a look at a list of the worst-performing currencies since the start of the US and Israeli war with Iran, and a striking but unsurprising pattern emerges: They’re almost all energy importers.

The biggest losers include the Egyptian pound, the Philippine peso, the South Korean won, and the Thai baht. Among the handful of currencies that have risen, meanwhile, you find the Brazilian real, the Kazakhstani tenge, and the Nigerian naira — all significant oil exporters.