OIL Market Update
20 Apr 2026 • 00:40 GMT
Oil prices continue to stay elevated, with weekly data showing Brent crude above $101 per barrel — the highest in over three years. The rise is driven by ongoing conflicts in the Middle East, especially disruptions in shipping routes like the Strait of Hormuz. These supply concerns are contributing to increased volatility and pushing prices higher.
Oil has risen around 13.5% above its three-month average, trading within a wide and fluctuating range. The recent surge is impacting currencies tied to oil exports; currencies like the Canadian dollar, Russian ruble, and Norwegian krone have strengthened against the US dollar as oil prices climb. Conversely, countries that rely heavily on importing oil may face higher costs, which could weigh on their currencies.
Looking ahead, if tensions in the Middle East persist, oil prices could push even higher, possibly reaching $120 per barrel, which could lead to further currency market shifts. Traders should keep an eye on geopolitical events and how they influence both oil and currency movements in the coming sessions.