OIL Market Update
20 Jul 2026 • 00:42 GMT
Oil is currently trading around $97.93, which is about 2.4% below its three-month average of $100.3. Over recent weeks, prices have been quite volatile, moving within a range from $91.12 to $109.2, reflecting ongoing geopolitical tensions and supply concerns.
Significant movements include a recent spike above $100, driven by disruptions in Middle East oil production and shipping routes, especially through the Strait of Hormuz. These supply issues have pushed Brent crude to levels not seen in over three and a half years. If tensions persist, oil prices could continue rising, potentially approaching $120 per barrel.
This price strength has lifted currencies of major oil exporters like the Canadian dollar (CAD) and the Norwegian krone (NOK). Meanwhile, countries that rely heavily on importing oil are facing higher energy costs, which could weigh on their currencies. The current environment underscores the importance of monitoring geopolitical developments, as they continue to influence oil prices and currency markets globally.
