LONDON, May 27 (Reuters) - Three months into the war with Iran, policymakers are facing renewed concerns about inflation as oil prices continue to rise, while currency devaluations exacerbate the challenges facing some Asian countries.

However, the conflict has contributed to boosting the value of some other assets, most notably oil, in addition to strengthening the dollar's position as a safe haven.

Here is a look at some of the most prominent winning and losing sectors.

* The broader impact of oil

The nearly 40 percent rise in oil prices has changed expectations about inflation and interest rates, with crude oil prices exceeding $100 a barrel and at one point in early April reaching almost double what they were before the war.

The release of a record 400 million barrels from the strategic reserves of major economies, coupled with traders seeking alternative sources, helped alleviate the supply shortage. However, pressure on the global energy system is mounting.

The rise of artificial intelligence is mitigating the impact on stocks.

Global stocks have so far weathered the crisis, as renewed optimism about artificial intelligence and broader hopes for a peace agreement have outweighed the negative effects of the war.

US stocks reached record highs while European stocks are approaching all-time highs.

SK Hynix's market capitalization surpassed $1 trillion for the first time, joining its memory chip rivals, Samsung Electronics and Micron Technology, in reaching this milestone thanks to the AI-driven surge.

But not all sectors made gains.

Airline stocks on the S&P 500 have fallen more than 6% since the start of the conflict amid global disruptions to air travel. The MSCI basket of global luxury goods has dropped 10%, reflecting investor concerns that inflation will impact spending.

William Sales, HSBC's chief global investment officer, said the group is taking a conservative stance on consumer-related goods and services.

He added, "This provides us with protection in case the conflict escalates... Consumption has been fairly good, certainly in the United States where there are affluent families who still consume heavily and benefit from artificial intelligence."

The dollar maintains its dominance.

The dollar was also among the winners, as traders took advantage of it as a safe haven, rising 1.5 percent against a basket of other major currencies since the start of the war, outperforming the Swiss franc and the yen.

The rise in US Treasury bond yields has boosted the appeal of the dollar, which some suggest still faces uncertainty over US policies and may weaken when the conflict ends.

"We remain in a neutral position, but we still expect the dollar to weaken in the medium term," said Van Loo, global head of solutions strategy at Russell Investments.

Asian currencies are affected

Asia used to buy about 80 percent of the oil that passes through the now-closed Strait of Hormuz, and fuel costs have also increased, hurting growth in Asia and making its currencies among the worst performing since the start of the war.

The Indian and Indonesian rupees and the Philippine peso reached their lowest levels ever against the dollar, and some countries raised interest rates or used foreign exchange reserves to mitigate the crisis.

Sri Lanka surprised markets on Tuesday by raising interest rates by 100 basis points.

Only the Chinese yuan held its ground, backed by huge domestic energy reserves.

Another shock to the global economy

The rise in oil prices has also affected the global economy, particularly countries that rely on importing energy products.

Standard & Poor's composite Purchasing Managers' Index showed that economic activity in the Eurozone contracted in May at its fastest rate in more than two and a half years.

The European Central Bank warned in a report on Wednesday that the impact of the war is exacerbating financial vulnerabilities in Europe.

British companies said their activity declined as input prices jumped due to rising energy costs.

The United States, which is self-sufficient in oil and gas and is experiencing a boom in artificial intelligence investments, has been less affected economically.

However, the global nature of oil markets has pushed gasoline prices in the United States to a four-year high of $4.56 per gallon.

Bonds take a severe hit

Government bonds were also among the losers, as rising oil prices prompted traders to factor in the risk of higher interest rates in response to energy-driven inflation.

Expectations of increased fiscal and military spending have put further pressure on longer-term bonds.

The Federal Reserve (the US central bank) may soon end its accommodative monetary policy. Yields on 30-year US Treasury bonds have risen to their highest level since 2007 and are trading above 5 percent.

Meanwhile, German bond yields hit their highest level in more than 15 years as traders expect the European Central Bank to raise interest rates at least twice by the end of the year.