OIL Market Update
23 Jun 2026 • 00:40 GMT
Oil prices are trading around $97.93 per barrel, which is about 3.1% below their three-month average of $101.10. Recently, oil experienced significant volatility, with the range between lows of $90.38 and highs of $109.20. The recent surge in oil prices has been driven by ongoing disruptions in the Middle East, especially due to tensions in the Strait of Hormuz, a crucial shipping route. This threat to supply has pushed Brent crude above $100 per barrel, reaching the highest levels in over three and a half years.
The situation suggests that if supply issues persist or escalate, oil could climb further beyond $120. Prices remain sensitive to geopolitical developments, and calm could return if tensions ease. The rise in oil prices is also impacting currencies of oil-exporting countries like Canada, Russia, and Norway, which have recently strengthened against the US dollar.
For now, traders should keep an eye on geopolitical news and any signs of supply stabilization or further disruptions. The oil market remains volatile, and sharp moves could influence currency and commodity markets in the coming weeks.