OIL Market Update
09 Jul 2026 • 00:46 GMT
Oil prices remain elevated amid ongoing Middle East tensions, with Brent crude surpassing $101 per barrel for the first time in over three and a half years. The rise is driven by disruptions in oil production and shipping lines through key routes like the Strait of Hormuz, adding persistent supply concerns.
Looking at the latest market movements, oil remains well above its 3-month average of around $100, currently at approximately $97.93. The recent volatility, with a swing from $90.38 to $109.20, reflects the market’s sensitivity to geopolitical developments.
The escalation in the Iran conflict has kept oil prices supported, and there is a risk that prices could climb further, potentially reaching $120 if supply disruptions persist. Higher oil costs continue to feed inflation pressures globally and impact oil-exporting currencies such as the CAD, RUB, and NOK, which have shown strength against the dollar. Meanwhile, oil-importing countries may face tighter economic conditions as energy costs rise.
Market watchers should stay attentive to geopolitical updates and oil supply developments, as these factors are likely to keep oil prices volatile in the near term.