OIL Market Update
13 Jun 2026 • 01:35 GMT
Oil prices are now nearing 14-day highs, trading just below $98 at around 97.93. This follows a significant rally driven by ongoing disruptions in Middle East oil supply amid escalating tensions, including Iran-related conflicts. The rise pushes oil prices well above recent lows but remains roughly 4% below the three-month average of 102, highlighting ongoing volatility.
The surge has strengthened the currencies of key oil-exporting countries. The Canadian dollar and the Canadian dollar are now trading near two-week highs against the US dollar, with the CAD around 137.1, some 2.5% below its three-month average. Meanwhile, oil-importing nations may face increased energy costs if prices continue to climb.
Market watchers are also noting the highly volatile nature of oil trading, with recent ranges exceeding 25%, reflecting uncertainty around Middle East supply stability. If these geopolitical tensions persist, there could be scope for oil prices to push higher, potentially approaching $120 per barrel. Such increases are likely to influence currency markets, especially currencies linked to oil exports. Keep an eye on geopolitical developments and supply disruptions that could sustain or accelerate this upward momentum.