OIL Market Update
08 Apr 2026 • 00:41 GMT
Oil prices are currently near their seven-day lows at around $94.92 per barrel, but they remain significantly above their three-month average of $81.30, up by 16.8%. The recent rise in oil has been driven mainly by ongoing disruptions in Middle East supply routes, especially through the Strait of Hormuz, due to geopolitical tensions involving Iran. This has pushed Brent crude above $100, marking its highest level in over three and a half years.
The surge in oil prices has benefited oil-exporting currencies such as the Canadian dollar (CAD), Norwegian krone (NOK), and Russian ruble (RUB), which have gained against the US dollar. However, countries relying on oil imports are likely to face increased energy costs, potentially weakening their local currencies.
If geopolitical issues persist, there’s a risk of oil prices climbing further toward $120. Such a rise could add inflation pressures globally and influence currency markets further, especially in commodity-exporting nations. Keep an eye on geopolitical developments and how they might impact both oil prices and the currencies linked to them.
