March 12th 2026 North-American Session Recap – Oil is shaking things up after a relatively calmer beginning of the week. Check up the latest trends and developments, daily asset and FX performance, what changed fundamentally and what's coming up in the session ahead.
USD/JPY update: The US Dollar surges against the Yen to new highs as escalating conflict drives Oil prices higher, reinforcing the Petrodollar. With rate traders pricing out 40 basis points of 2026 Fed cuts due to inflation fears, the Greenback maintains its outperformance. Explore an intraday technical analysis of the currency.
Indices
West Texas Intermediate (WTI) crude Oil continues to experience extreme volatility, with prices rising more than 7.5% on Thursday as traders grow increasingly concerned about prolonged supply disruptions through the Strait of Hormuz amid the ongoing US-Iran war.
Forex
The Japanese Yen (JPY) trades under pressure against the US Dollar (USD) on Thursday, with USD/JPY returning to levels that previously triggered official “rate checks” by Japanese authorities on January 23, reviving concerns about potential currency intervention.
Forex
The Canadian Dollar (CAD) edges lower against the US Dollar (USD) on Thursday, pressured by sustained demand for the Greenback amid the ongoing US-Iran war. At the time of writing, USD/CAD is trading around 1.3621, extending its rebound after falling to one-month lows near 1.3525 earlier this week.
Commodities
Geopolitical turmoil in the Middle East pushes oil toward $100 and revives inflation fears. This, combined with mounting anxiety in the $2T private credit market, causes a major 600-point drop in the Dow Jones. We break down the dual market shock, the IEA's emergency oil release, and the bearish technical outlook
Commodities
Market Update: Prices rally nearly 10% toward the $100 resistance as attacks on tankers multiply across the Arabian Sea. The commodity forms a bull channel while rising inflation fears price out Federal Reserve rate cuts for 2026. Explore current Market developments.
DBS Group Research’s Eugene Leow notes that despite a planned release of strategic reserves and expectations of a short conflict, WTI Oil has pushed above $90 per barrel.
Commodities
Silver (XAG/USD) Technical Analysis: Safe-haven demand remains subdued as exhausted buyers and heavy positioning stall previous rallies. The ongoing conflict provides temporary support, preventing a deeper correction despite macroeconomic shifts. Explore a multi-timeframe technical analysis of the commodities.
Forex
The Euro (EUR) remains on the back foot against the US Dollar (USD) on Thursday, with EUR/USD extending losses for the third straight day as the escalating US-Iran war keeps the Greenback firmly bid.
