OIL Market Update
03 Jun 2026 • 00:45 GMT
Oil prices have surged past $100 per barrel, reaching around $101.19 — the highest in over three and a half years. The main driver has been ongoing disruptions in Middle East oil supply, especially through the Strait of Hormuz, due to regional conflicts. These issues have raised concerns about potential prolonged supply disruptions, with some analysts suggesting prices could climb further toward $120 if tensions persist.
against the US dollar, oil has traded in a volatile 36% range over recent days. It’s currently near a seven-day high of about 96.61, which is still below the three-month average of 101.4. Oil prices have also strengthened against currencies of major oil-exporting countries, such as the Canadian dollar, which is near its recent high of 133.80.
The significant rise in oil prices is adding upward pressure on inflation globally and could lead to further volatility in currency markets, particularly for oil-dependent nations. Keep an eye on geopolitical tensions in the Middle East, as they remain a key factor in future price movements.