OIL Market Update
12 Mar 2026 • 03:42 GMT
Oil prices have surged above $100 per barrel, reaching $101.19, the highest since late 2022. This rise is driven by ongoing disruptions in Middle East production and shipping routes, especially through the Strait of Hormuz. The conflict in the region has raised concerns about sustained supply disruptions, with some analysts warning prices could climb further toward $120 if stability does not return soon.
As a result of higher oil prices, currencies of oil-exporting countries have strengthened. The Canadian dollar (CAD), the Norwegian krone (NOK), and the Russian ruble (RUB) have all gained against the US dollar, reflecting the increased value of their energy exports. For example, the CAD has risen significantly, trading well above its recent average levels.
This sharp movement underscores the close link between oil and currency markets, with geopolitical tensions adding more volatility. Markets remain watchful for further developments, as prolonged disruptions could push oil prices even higher, which would continue to influence currency values in oil-exporting nations.
