Oil Prices Near $100 as Yen Surges Amid Trade Tensions

The price of Brent Crude Oil has reached nearly $100 per barrel, causing ripple effects across global markets. The yen's surge against the dollar continued today, with the greenback falling to a seven-month low.

The Canadian government has imposed retaliatory tariffs on over $27.6 billion worth of US goods, including dairy products and electronics, in response to collapsed trade talks between Ottawa and Washington.

The yen's surge is attributed to investors unwinding the yen carry trade, which involves borrowing yen to invest in other currencies with higher yields. The swaps market continues to price a hike next week and possibly another in December.