On March 5, the Mexican peso experienced a decline against the dollar for the second consecutive day, coinciding with the ongoing conflict between the US and Iran, which has now reached its sixth day. The Iranian military reportedly launched drone strikes against a US base in Iraq and targeted an American oil tanker in the northern Persian Gulf. Although these attacks have not been independently verified, they are part of Iran's increased military actions that have intensified tensions in the region.

The implications of these attacks are significant, not only for international relations but also for the economic landscape, particularly affecting oil prices. The Strait of Hormuz, where these incidents occurred, is a crucial maritime route through which approximately 20% of the world's traded oil flows. The threat to this critical chokepoint has led to a surge in oil prices, which could further disrupt economies dependent on stable energy costs. Consequently, the Mexican peso depreciated 0.34% against the dollar, bringing the exchange rate to 17.63 pesos per dollar, reflecting a broader trend of currency fluctuations tied to geopolitical developments.

Additionally, as the situation unfolds, the growing uncertainty surrounding the conflict has contributed to a risk-off sentiment among investors, driving demand for safer assets such as the US dollar. This shift in market dynamics suggests that unless tensions cool, the peso could continue to face pressure, impacting Mexico's economic stability given its ties to the US economy and dependence on oil exports.