OIL Market Update
18 Jun 2026 • 00:41 GMT
Oil prices remain elevated, with WTI crude trading at around $97.93 per barrel. This is roughly 3.8% below its three-month average of $101.80, but still near its highest levels in over three and a half years. The recent surge in oil prices is largely driven by disruptions in Middle East oil production and shipping, especially through key routes like the Strait of Hormuz. These interruptions have pushed Brent crude above $100 per barrel, reaching $101.19, which is significant as it reflects ongoing geopolitical tensions and supply concerns.
The rising oil prices are impacting related currencies. Oil-exporting countries such as Canada, Russia, and Norway have seen their currencies strengthen against the US dollar, benefiting from the higher energy prices. Meanwhile, countries that rely heavily on oil imports could see increased costs, which might weigh on their currencies.
Market watchers should keep an eye on geopolitical developments, particularly ongoing conflicts in the Middle East, as any prolonged disruption could push oil prices even higher, possibly to $120 per barrel. Such a move could further influence currency markets, especially among oil-exporting nations.