OIL Market Update
10 Apr 2026 • 00:45 GMT
Oil prices continue to climb sharply amid ongoing Middle East tensions and disruptions in oil supply. Currently, oil stands at around $96.67 per barrel—a significant increase of over 18% above the recent three-month average of $81.85. This rise has been driven by concerns over production and shipping disruptions through strategic routes like the Strait of Hormuz, with prices hitting a high of $113.80 earlier in the range.
The ongoing conflict and geopolitical uncertainties are putting upward pressure on oil markets. If supply issues persist, prices could push higher, possibly approaching or surpassing $120 per barrel. This environment is adding inflationary pressure globally and affecting currencies in oil-exporting nations such as Canada, Russia, and Norway, which have gained strength against the US dollar.
Meanwhile, the US dollar continues its broad retreat, influenced by a cautious stance from the Federal Reserve and recent risk-on sentiment. However, geopolitical risks remain a key driver, keeping the dollar supported in times of increased uncertainty.
Overall, the oil market remains highly volatile and sensitive to geopolitical developments. Traders should stay alert to potential further price movements as supply risks and global tensions persist.