OIL Market Update
12 Jun 2026 • 00:45 GMT
Oil prices have climbed to around $97.93 per barrel, near 14-day highs but still below the 3-month average of $102. This recent surge comes amid ongoing disruptions in the Middle East, particularly due to tensions in Iran and shipping concerns through the Strait of Hormuz. These issues have helped push Brent crude above $100, the highest in over three years, posing risks of further increases if supply disruptions continue.
This rise in oil prices has strengthened currencies of major oil-exporting countries like Canada (CAD) and Norway (NOK), which are trading closer to their recent peaks but remain below their 3-month averages. For example, the Canadian dollar is near 14-day highs at 136.9 against oil, roughly 2.6% below its average.
Meanwhile, the US dollar remains supported by overall risk-off sentiment and expectations of the Federal Reserve maintaining cautious policy. While the dollar has not given up its recent gains, the ongoing geopolitical tensions and rising oil prices keep market participants watchful for further movements that could impact currency trends.