Loonie Holds Firm as Oil Prices Soar Amid Middle East Tensions

The Canadian dollar remained relatively stable on Thursday, closing at US$0.7134 or US$1=C$1.4018. This is compared to its value on Wednesday, when it closed at US$0.7130 or US$1=US$1.4026.

The United States Dollar Index also saw a minor increase of 0.27 points, reaching 99.95.

However, crude oil prices experienced a notable surge due to concerns over the safety of shipping routes in the Middle East. The Houthi rebels' attack on two Saudi oil tankers on Wednesday led to an increase in optimism for a new deal to reopen the Strait of Hormuz.

As a result, West Texas Intermediate rose by US$2.52 per barrel to US$77.74, while Brent crude oil increased by US$3.45/barrel to US$82.90.