ING analysts Warren Patterson and Ewa Manthey note that ICE Brent has surged as renewed conflict in the Persian Gulf raises concerns over supply disruptions.
The USD/CAD pair struggles to capitalize on a two-day-old recovery move from the 1.3550 area, or its lowest level since March 10, and oscillates in a range during the Asian session on Tuesday. Spot prices currently trade around the 1.3620 area amid a combination of diverging forces.
Iran's Foreign Minister Abbas Araghchi said that the current situation in the Strait of Hormuz makes it “clear that there’s no military solution to a political crisis”.