OIL Market Update
28 Mar 2026 • 01:21 GMT
Oil prices remain highly volatile, with Brent crude at around $101.19 per barrel — the highest in over three and a half years. This surge is driven by ongoing disruptions in Middle East supply, particularly through the Strait of Hormuz, raising concerns about prolonged shortages. As a result, oil-exporting currencies like the Canadian dollar, Russian ruble, and Norwegian krone have strengthened against the US dollar.
The recent escalation in Middle East tensions and supply risks suggest prices could push even higher, potentially reaching $120 per barrel if disruptions persist. Higher oil prices are also adding inflationary pressures globally, impacting currencies of oil-importing nations.
Meanwhile, the US dollar has gained some support as risk aversion increases, but the currency remains sensitive to upcoming economic data and Federal Reserve policy signals. Overall, watch for continued volatility in oil and related currencies as geopolitical events evolve and markets reassess supply and demand dynamics.
