OIL Market Update
24 Jun 2026 • 00:42 GMT
Oil prices have continued to climb, with Brent crude moving above $100 a barrel and reaching around $101.19—its highest in over three and a half years. The surge is mainly driven by ongoing disruptions in Middle Eastern oil production and shipping, particularly through the Strait of Hormuz. These supply concerns have pushed oil prices higher and increased volatility in related markets.
against the US dollar, oil is trading at about $97.93, which is roughly 3.1% below its three-month average. Oil prices are still highly volatile, fluctuating within a range from about $90 to over $109 recently.
The rising oil prices have also boosted currencies of oil-exporting countries like Canada, Russia, and Norway, which are trading near their recent 14-day highs. Meanwhile, oil-importing nations could face higher energy costs, putting pressure on their currencies.
If geopolitical tensions persist and supply disruptions continue, oil prices could go even higher, which may lead to further impacts across currency markets and inflation concerns worldwide.