Commodity Currencies Boosted by Higher Oil Prices Amid Middle East Tensions

The commodity currencies, including the Australian dollar, New Zealand dollar, and Canadian dollar, saw an increase in value against their major counterparts on Thursday.

This rise was attributed to higher crude oil prices, which climbed more than 2 percent to $93.78 a barrel as concerns over supply disruptions from West Asia persisted amid deadlocked U.S.-Iran peace talks and heightened tensions involving the United Arab Emirates, Oman, and Iran.

U.S. President Donald Trump's warning of economic consequences against any country providing 'any type of lifeline to Iran' added to the uncertainty, further driving up oil prices.