Loonie Steady as Crude Oil Prices Surge on Global Tensions

The Canadian dollar remained steady on Thursday morning, with no significant changes in value. The loonie was trading at US$0.7207 or US$1=C$1.3876 as of 8:45 a.m. CDT, identical to the Bank of Canada's closing rate from Wednesday.

The United States Dollar Index, however, saw a slight decline of 0.08 of a point at 99.08 points.

Crude oil prices made gains on Thursday, driven by ongoing tensions with the U.S.-Iran conflict and a new deal between Iran and Oman to create a shipping lane in the Strait of Hormuz.

Brent crude oil rose US$1.16 at US$89.00 per barrel, while West Texas Intermediate increased US$0.55 at US$82.78/barrel.