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Forex

Oil Price Surge Sends USD/CAD Tumbling Amid Middle East Tensions

Guavy AI Editorial Team
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The USD/CAD pair trades in negative territory near 1.4075 during early European trading hours on Friday.

Elevated tensions in the Middle East have pushed crude oil prices higher, supporting the commodity-linked Canadian Dollar against the US Dollar.

The price of oil has spiked after Yemen's Iran-backed Houthi rebels attacked oil tankers in the Red Sea, threatening a key export route that Saudi Arabia uses to bypass the Strait of Hormuz.

The US President Donald Trump warned that the US would hold Iran responsible for the Houthis' actions and threatened 'a major military punishment.'

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