The US dollar jumped as soaring oil prices sent investors scrambling for cash on worries that a protracted Middle East war could severely disrupt energy supplies and hurt global growth, reports Reuters.

The greenback pared some gains in the Asian afternoon on a Financial Times report that the G7 finance ministers will discuss on Monday a joint release of oil from emergency reserves coordinated by the International Energy Agency, which sent oil prices retreating slightly after they earlier spiked to just shy of $120 per barrel.

Still, the euro and sterling were left trading 0.6per cent and 0.7pc lower, respectively, while the Aussie and even the safe-haven Swiss franc similarly weakened.

“The US dollar is finding no shortage of support from traditional haven considerations and obviously, the United States’ net energy exporter status in sharp contrast to most of Europe,” said Ray Attrill, head of FX strategy at National Australia Bank.

The broad market rout triggered indiscriminate selling across assets.