OIL Market Update
15 Apr 2026 • 00:40 GMT
Oil prices continue to dominate market attention, with WTI crude reaching $98.69 per barrel. This is well above the typical three-month average of around $83.74. The recent surge is largely driven by ongoing disruptions in Middle East oil supply, particularly through the Strait of Hormuz, where tensions have increased and shipping routes are affected. Oil has traded in a highly volatile range, between $63.93 and $113.80, highlighting how quickly prices can change.
The sharp rise in oil prices is impacting currencies of oil-exporting nations. The Canadian dollar, Russian ruble, and Norwegian krone have gained strength against the US dollar as oil’s rally continues. If geopolitical tensions persist or escalate, we could see oil test even higher levels, possibly around $120, further supporting these currencies.
However, elevated oil prices also raise concerns about inflation and economic growth, especially for countries that rely heavily on oil imports. For now, traders will keep a close eye on how supply disruptions evolve and whether prices stabilise or keep climbing.