Commodities
Loonie Steady as Crude Oil Prices Rise Amid Ongoing Global Tensions
The Canadian dollar remained steady on Thursday morning, holding its value against the US dollar. The loonie was trading at US$0.7207 or C$1=US$1.3876 as of 8:45 a.m. CDT, matching the Bank of Canada's closing rate from Wednesday.
Despite this stability in the Canadian dollar, crude oil prices saw gains on Thursday due to ongoing uncertainty surrounding the U.S.-Iran conflict and a new deal between Iran and Oman to establish a shipping lane in the Strait of Hormuz.
Brent crude oil increased by US$1.16 at US$89.00 per barrel, while West Texas Intermediate rose by US$0.55 at US$82.78 per barrel.