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Breaking Posted 3 hours ago

Strait of Hormuz Reopens as OPEC Rejects IEA Supply Glut Warning

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The Strait of Hormuz has reopened following geopolitical tensions, while the IEA warned a lasting conflict resolution could trigger a major oil supply overhang in 2026. OPEC's chief dismissed the forecast, pushing back on projections of excess supply volumes hitting markets next year. Oil-linked currencies face volatility, particularly USD/CAD and NOK pairs, as falling crude prices pressure commodity currencies. A sustained oil glut could weaken CAD and NOK while supporting USD, making USD/CAD a key pair to watch for directional breakouts.
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