Canadian Dollar Surges with Oil Prices Ticking Towards $100 Barrel

The Canadian dollar strengthened against other major currencies on Tuesday, as oil prices surged towards $100 a barrel. Brent crude futures rose nearly 2% to $98.97 a barrel, hitting a six-week high. The increase in oil prices was due to growing risks of a prolonged conflict in the Middle East.

A threat from Iran to retaliate against any new US attacks on its assets contributed to the rise in oil prices. Saudi-led coalition forces also vowed a resolute response to a wave of attacks from Houthi rebels.

WTI crude futures were up 3.2% at $94.39 a barrel, following Brent's lead.