OIL Market Update
14 May 2026 • 00:41 GMT
Oil prices have surged to around $107.50 per barrel, reaching a 7-day high and trading significantly above their 3-month average of approximately $95. This increase reflects ongoing disruptions caused by the conflict in the Middle East, notably recent issues with oil production and shipping through the Strait of Hormuz.
The rise has strengthened oil-exporting currencies such as the Canadian dollar, which is now trading at about 147.40 against oil—a 13.1% rise from its average. Similarly, the Norwegian krone and Russian ruble have also gained against the US dollar, supported by the higher oil prices.
These developments suggest that if the current geopolitical tensions persist, oil prices could push even higher. Such price increases are likely to influence currency markets, especially benefiting currencies linked to oil exports while weighing on those dependent on oil imports.
Keep an eye on ongoing geopolitical news, as further disruptions could sustain or intensify the current price levels.