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Mitsubishi UFJ analyst Derek Halpenny stated in a report that if the conflict in Iran leads to an increase in funds flowing into safe-haven assets, the US dollar may strengthen further. He said: "If we are about to enter a period of higher risk aversion with larger stock market declines, then we expect the US dollar to strengthen further." In this scenario, trade conditions and yield dynamics are unlikely to have a significant impact on currency trends. He stated that in a more severe scenario, if Brent crude oil prices rise from the current $110 per barrel to the range of $120 to $160 per barrel and the stock market suffers a larger blow, the US dollar index may rise to around 105.